Input wanted on a car loan
Registered User
Joined: May 2007
Posts: 273
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From: Bellevue, WA
The structure you have proposed is not going to be the walk in the park every seems to think it's going to be. You should really plan on your aunt helping here.
The bank will stipulate a year or more of income proof because you are a first time buyer with $1500 high credit and less than 12 months on the bureau (SP?) If you make $900, your income is going to be a problem. Using bank math, which figures baseline rent and expenses, you are already over 50% tapped before any car payment. Also working against you - you are shopping 6-7 year old cars out of their warranty period.
Unfortunately, it gets harder to get a loan every day. There was a time 2 years ago when I could have fast-tracked this at a variety of banks and it would have been no problem. That's probably why I can't do that anymore, which takes the thread down the road you said to avoid
The bank will stipulate a year or more of income proof because you are a first time buyer with $1500 high credit and less than 12 months on the bureau (SP?) If you make $900, your income is going to be a problem. Using bank math, which figures baseline rent and expenses, you are already over 50% tapped before any car payment. Also working against you - you are shopping 6-7 year old cars out of their warranty period.
Unfortunately, it gets harder to get a loan every day. There was a time 2 years ago when I could have fast-tracked this at a variety of banks and it would have been no problem. That's probably why I can't do that anymore, which takes the thread down the road you said to avoid
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