"Is it possible to get a car loan with 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?

"

Apr 26, 2021
Answer provided by
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Johnny Puckett
Answered at Apr 26, 2021
“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 say you get a car loan with a monthly payment of $300 per month. Car insurance costs about the same, if not more, for a young driver. A tank of gas will run you about $50, which puts 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 will not have the money to get it fixed.
Your best option is to wait until you start making more money or you save up enough cash to buy a cheap car outright.”
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