Can I get a car loan if I'm paid cash as a babysitter?
"I babysit, and I always get paid in cash. My car is about to die, so I want to get a car loan for a nice used car. I currently make about $700 a month.
Can I get a car loan if I'm a babysitter?"
“Unfortunately, you probably won’t be able to get a car loan not only because you get paid in cash, but also because you probably don’t earn enough money.
Your car loan is going to be a few hundred a month. Plus, you need to factor in another couple hundred a month for car insurance (full coverage, which is required by lenders on car loans), maintenance, and gas.
Instead of getting a car loan, save your money and pay cash for a vehicle in your budget. You’ll be glad you did.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Read advice from car experts at Jerry
Browse by topics
What others are asking
Should I drop my liability insurance to the minimum state coverage in Pennsylvania?
I'm a student with limited income in Pennsylvania. I had full coverage on my vehicle, but I want to cut expenses. Should I drop my coverage to the legal minimum?
Apr 23, 2021
Can you obtain car insurance for a vehicle that doesn't belong to you?
I'm currently borrowing a car from a family member who's out of the country for a few months. Yesterday, I took a look at the insurance card and realized coverage had lapsed. I can't get in contact with my family member. Can I get car insurance in their name so I'm not driving illegally?
Apr 16, 2021
Which auto insurance companies are recommended in CA?
I need to get some insurance quotes and I'm just looking for a list of recommended companies that offer auto insurance in CA. Any ideas?
Apr 29, 2021