Car Loans

[LongboardLuLu]

Does anyone know of any bank/lender/etc that works on car loans for people who make part-time income?

[TRAZ]

I thought it was easy to get a loan as long as you had good credit...I got one from Trustmark when I was only part-time, but that is because my credit was good...

[LongboardLuLu]

I dunno...people keep telling me I don't make enough. Before taxes, I bring in like 740 a month. I only pay out like 30 dollars a month to two credit cards. Never late on payments either. I have other cards that my parents pay (I applied for the cards for them since they have bad credit) and those payments are never late either. So I know that's not a problem. But all I keep hearing from people is I don't make enough so I don't know what to do. It's frustrating.

[TRAZ]

Well, all I know is that I was working part-time and making around what you make and the bank checked my credit and gave me the loan to finance my car...It was very cut and dry and took no time at all...Maybe it is because I live in southern MS? The average income is alot lower here (compared to the rest of the US) and even when I was part-time I was making quite a bit more than minimum wage which is better than the majority of the people in the small town where I live...I am not sure if that is why...Just a guess really...


Sorry I couldn't help more...

[LongboardLuLu]

It's ok. At least it gives me some kind of hope. lol I know lots of people with bad credit who make less than I do and STILL get loans, just none of it happens around where I live. Maybe it IS because I'm in Florida. All I know is I can afford the loan I want but no one will give it to me. Stupid loan people.

[NiteHawk]

Apply for one and give it a try. They give people loans with bankruptcies, bad credit, no credit all the time.

[LongboardLuLu]

Originally Posted by NiteHawk

Apply for one and give it a try. They give people loans with bankruptcies, bad credit, no credit all the time.

I probably will, just not sure where to apply. Right now I'm considering eloan.com and credit.com. Anyone ever deal with them?

I talked to a rep from SunTrust and they would approve me if I had collateral, which I don't, so I'm screwed there. lol All I want is 12983.94 for my Jeep. That's all. There's gotta be someone out there who will approve me.

[Hannainnc]

Originally Posted by LongboardLuLu

I probably will, just not sure where to apply. Right now I'm considering eloan.com and credit.com. Anyone ever deal with them?

I talked to a rep from SunTrust and they would approve me if I had collateral, which I don't, so I'm screwed there. lol All I want is 12983.94 for my Jeep. That's all. There's gotta be someone out there who will approve me.

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.

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.

Good luck.

[LongboardLuLu]

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.

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.

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.

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

Good luck.

Thanks I'm gonna need it. LOL

[TorontoMoFo]

DO you have a credit rating even if you dont pay bills and own a credit card?

[Taekwondo Guy]

a slight warning though; applying for loans and being rejected leaves a temporary mark against your name.

Here in the uk all the credit companies use the same info database and they can see if you have previously attempted to get credit. If you try everywhere and get rejected, the other loan company will see this as a red flag.

fingers crossed

[LongboardLuLu]

Originally Posted by TorontoMoFo

DO you have a credit rating even if you dont pay bills and own a credit card?

Yes, if you have a credit card, you have a credit rating. If you want to know what it is, go to freecreditreport.com and fill out the info.

[LongboardLuLu]

Originally Posted by Taekwondo Guy

a slight warning though; applying for loans and being rejected leaves a temporary mark against your name.

Yeah someone told me it can last up to 3 months, which is why I've been leary of actually applying for a loan at the moment. That's why I've talked to lenders before submitting any loan applications. I highly doubt anyone would finance me at this point anyway since they all seem to have minimum monthly income requirements. I guess I'll just have to wait till I get a bigger down payment. Then I'll have some bargaining power on my side, or so I was told by a car dealer.

Here in the uk all the credit companies use the same info database and they can see if you have previously attempted to get credit. If you try everywhere and get rejected, the other loan company will see this as a red flag.

They basically do the same here, though some will still give you the credit card/loan/whatever if they're feeling lucky...lol.

fingers crossed

Haha thanks.