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How do I qualify for a car loan if I have low income?
I want to purchase a car, but I'm worried that my income is too low. Can I still qualify for a car loan? How?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Don’t worry if your income is low; you still may be able to qualify for a
car loan
. In general, you’ll need to make at least $1,500 per month to qualify for most car loans. However, this figure may increase depending on how many other bills you have, where you live, and other factors.The first step you should take to getting a car loan with low income is to look at your credit report. Getting rid of any derogatory marks is a great way to improve your chances of approval. Once you’ve taken a look and resolved any issues, start shopping around. Credit unions are a good place to start and can often offer the best rates, but don’t overlook promo rates from banks or even dealerships.
If you don’t qualify, these lenders will let you know. In some instances, you may simply need a cosigner, especially if you have good credit but low income.
If you can secure the loan, don’t forget to budget for car insurance—you’ll need full coverage car insurance for a financed car.
To get the best rate on the coverage you need, use the
Jerry
app—we’ll get you personalized quotes from top providers so that all you need to do is choose the plan that works best for you.Best of luck with the loan—you’ve got this!
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- Gregory R.
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