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What is the minimum amount of income you need to get a car loan?

I currently make $400 per week, but I have no other expenses because I live at home. I want to finance a car, but I have no idea what lenders require in terms of income. How much do I need to make to get a car loan?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
$400 per week will probably be enough income to secure a
car loan
, provided you also have:
  • Good credit or a cosigner with good credit
  • A debt-to-income ratio below 43%, meaning that all of your bills are less than 43% of your total income each month
  • Proof of income
Every lender has different requirements for how much money you need to make, but a general rule is about $1,500 per month. Shop around with lenders to find one willing to approve you, as well as to discover the best interest rate possible.
Keep in mind: Purchase a car that’s also in your budget so you aren’t struggling to make payments. This should factor in car insurance payments, as lenders require full coverage on all car loans.
MORE:
How to reduce car payments without refinancing your car loan
Car Loan
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