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What's the minimum amount you need to make a month to get a car loan?
I want a car, but I'm worried my income isn't high enough. I currently make $2,000 a month before taxes. Is this enough income to get a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you’re earning $2,000 a month, you’re likely a candidate for a
car loan
if you meet some other qualifications.Generally speaking, $2,000 isn’t always enough to cover monthly bills plus a car loan. However, if you live at home with your parents, have a decent credit score, limited bills, and a low debt-to-income ratio, most lenders will consider you for a car loan.
The most important thing you can do is choose a budget-friendly car. You’ll have to make your monthly payments on time in addition to paying for car insurance, gas, and maintenance/repairs.
Since you’re going to need full-coverage insurance for your financed car, check out
Jerry
and find the best rates. Sign-up takes less than a minute, and you’ll be able to compare dozens of competitive quotes for your coverage level.View full answer
- Gregory R.
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