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Is it possible to get a car loan with a low income of $800 to $1,000 a month?
I am 19 and I have an excellent credit score. I make money by doing odd jobs for my neighbors. The work has been consistent for the last two years and I usually make $800 to $1,000 per month. Could I get a car loan?
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
There are lenders out there that specialize in
low-income car loans
, but it is very unlikely that you would qualify for any loan with an income of less than $1,000 per month. It is also unlikely that you can actually afford a car as well.Let’s take a look at an example of the expenses you could face as a car owner in the span of one month:
- Car loan payment: $300 per month
- Gas: $50 per month
Of course these are just estimates, but they would put you at $650 per month for a car if you drive less than 300 miles per month. If your car needs new tires or other service in a slow month, you might not have the money to get it fixed.
Our suggestion: Wait until you start making more money or you save up enough cash to buy a cheap car outright to avoid any sticky financial situations.
View full answer
- Gregory R.
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