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?

Answer
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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Eric Schad
Answered on Mar 12, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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