Where can i get an auto loan having low income?

i applied for a loan and they said my income was too low, then i went to look at another and saw my gross income had to be at least 1,500 per month. mine is about 860... i don't think i can just LIE, unfortunately. please help me out. i need a car fast!

Where can i get an auto loan having low income?
Unless youre a good talker and can pull some major strings i doubt that you will get one. They just wont take that risk if they think you arent pulling in enough money. If you have major bucks in the bank they sometimes wont, you have to have a good income. Do you have any money in the bank? If not i dont see you getting one at all. Maybe you should settle for something a little less expensive for the time being
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Reply:well your car payment should not be more then 1/2 a weeks pay. You can't lie because they can find out real easy. If your total monthly income is only 860 then your payment should not be any more then about 100 bucks. Why not go to a place like the salvation army and get one of the cars that are donated. Some times you can get a good car for very little cash. Your only other hope is a buy here pay here used car lot. I would do that as a very last resort because you will pay high interest and over pay for the car as well. I like to call them "beats walking" because thats about all it is.
Reply:I doubt if you can get one. Yeah, you can purchase a car for a $1,000 bucks but your only problem is, the moment it brakes down (and it will), you will have to let it sit on blocks for not having enough money to repair it. Been there, done that. Besides, if some bank was to lend you the money, they would sure enough "sock it to you" with their interest rate because they would consider you a high risk.





I know: Dog gone it you do and dog gone it you don't.





However, why don't you consider buying a scooter. You can purchase a new one for less than $3,500. At least being new it will be less prone to brake downs and gets far better gas mileage! I own one made by Schwinn bicycle and I'm getting 70mpg. It's called a Schwinn Graduate and it has a 50cc motor. I purchased it for only $2,100 w/tax. You can get the 80cc one for around $2,800. Best of all, you could get one for about $100 a month. Make sure you do some shopping around on loan rates!





It's something to consider...





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As smartalec (7 below me) stated, what you need is a co-signer. It would help you get a much better interest rate!
Reply:I've been riding my bicycle to my high school for a year now.
Reply:Buy a cheaper car. No lender is going to loan you money if they don't feel you're financially able to repay your debt.
Reply:you need a cosigner... to get a real loan...most banks allow 15% of income for car payment and dont loan less than $6000... you will have to go to a buy here pay here to get that kind of car....junk!
Reply:Obviously you were trying to buy more than you can afford %26amp; according to that bank about 2x as much.


You should be looking at used vehicles only.


860 a month is not much %26amp; I imagine you would be much better off just buying a car straight up with cash, limiting your monthly expenses for the car to simply insurance, maintenance %26amp; gas.


You may be able to go to a 'Buy Here, Pay Here' car lot. They typically offer weekly payment plans that work with those with less than perfect credit, although they do require employment. Yes, it comes with a higher interest rate, but you would get it paid off quicker %26amp; it would help you to establish credit.


If you could get a co-signer, you could qualify for a more tradition 36, 48 or 60 month car loan, but I don't suggest this, as your income is very low and 3 to 5 years is a long time to pay on something as pricey as an automobile. You co-signer could get stuck with your payments when you can't make them %26amp; I'd hate for you to sour that persons' generosity over a car.


My last 'I need a car today' car cost me 1200. I bought it at a 'buy here, pay here' place. they were asking 1999 and I was able to get it for 1200 because I had gone to kbb.com and printed up the blue book value on it and I went in with 1200 in cash. 500 cash came from a loan from my credit union. 500 came from an advance against a credit card and 200 came from my own funds. I was able to pay the 500 back, 100 bucks a month, within 6 months thus skipping finance fees there. i paid the credit union 50 a month for 5 months, then bumped their payments up to 150 and got them paid within 7 months from date that I bought the car.





good Luck!
Reply:Buy a $1000 honda or toyota