How high does my income need to be to qualify for a car loan?
I have a full-time retail job, but I don't know if I make enough to get a car loan. How high should my income be?
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Answered on Mar 12, 2021
Every lender has different income requirements for borrowers, but most will approve loans on monthly income around $1,500 to $2,000 before taxes. Keep in mind that this isn’t the sole factor in getting a loan; your credit score and debt-to-income ratio (below 43% after the loan approval) will also determine whether you get approved.
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