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Originally Posted by Hannainnc
lulu, that is a lot of money on your income. Not sure if you will be able to get a loan. You could always dummy up your paystub, go to a dealer and they should be able to finance it for you through someone at a higher interest rate. When I was 19 I got a car based on this bonus check paystub...so it looked like I made a lot more than I did and it worked. If you finance you also have to take in consideration the insurance cost for full coverage as well.
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Well, I took into consideration all the bills I pay now (two...lol), plus the cost of a monthly payment for the loan I want at a higher interest rate (just in case) and have already looked into insurance for full coverage for the Jeep I was looking at and when all is said and done, I end up with about 280 bucks left at the end of the month to blow on whatever I want. So I can afford the loan, no question about it (unless they use like a 20% interest rate..lol). I talked to someone at SunTrust, and they said if I had collateral they'd approve me, but I don't have collateral (unless they want an old pair of rollerblades...lol). So it's a matter of finding someone who doesn't want collateral. My brother says there are lenders out there who will work with me, I just have to find them. If I were back home in NY I'd probably have no problem since everyone I know up there has sh*t credit, makes the same or less than I do and have been approved for new car loans.
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They are going to look at your income and your debt to income ratio. If you have cards in your name that your parents are paying for that show up on your credit that would be against you.
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Yeah I know. But from what I've been told, it's just my income so far that's really killing me. Basically everyone I've talked with has a minimum requirement for any loan they make, and I don't meet the minimum. And I did some figuring...even working full time at my job, I still wouldn't make the minimum. Nice, huh? lol
Thanks I'm gonna need it. LOL