Would I qualify to take out a car loan? I’m not sure how to figure out if I would even be able to take out a car loan, since I have a pretty low monthly income.
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There are a few different qualifications that you’ll need to meet to get a car loan, such as:
A good credit score: It really helps to have a good credit score when applying for a car loan. Generally, a score of 600 or higher will get you a better loan. However, if you have bad credit, you can usually
Steady income: You’ll usually need to provide proof of income to qualify for your loan. Even with a lower income, you could qualify for a loan if you have a low debt-to-income (DTI) ratio. Lenders use this to calculate risk and your eligibility for a loan.
Proof of identity and residence: You’ll need to provide documentation proving your identity and residence when applying.
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