Help getting 1st time auto loan???????

I am currently interested in a pontiac grand prix at a carmax dealership near my home. I have tried to apply for some auto loans but most ask that I make at least 1500 dollars monthly. I make a little bit less than that so i am automatically declined. However I know that I could easily make payment because I do not have any other major bills besides basic food and minor living expenses. I do not even have a monthly rent to pay. I believe that if I talked to a loan rep. that they could understand, or is that out of the question? So according to most applications I should be denied, butin reality I can easily make monthly payments. This may be a silly question. I am a 20 year old 1st time buyer with a limited credit history.

Help getting 1st time auto loan???????

You made an interesting point. You have no rent! Do you live at home or with relatives? If so, will they co sign with you? With a co signor your income is not a factor and you will also qualify for a lower interest rate than on your own. Also with them on the loan, you can add the vehicle to their insurance which will qualify you for alower rate because of a multiple vehicle discount on their policy.

If not, how are you paid, weekly, biweekly, semi monthly, or monthly? If anything besides semi monthly amd monthly, you need to multiply your weekly income by 52 or biweekly income by 26 then divide it by 12 for your true monthly income. Many people just take their weekly income and multiply it by 4 weeks when in reality it works out to 4.3 weeks per month. For example a person making a gross income of $350 per week is only at $1,400 income how most people calculate but at 4.3 weeks per month you are at $1,505 per month and meet the minimum requirement. 52 x 350 divided by 12 is actually 1516 per month. This is how an experienced finance manager will call in your income.

Finally, Carmax owns controlling interest in the bank they finance through and have their own separate division that purchases only their loans. Many times a person that is turned down by the bank at another car dealership and will get financed at Carmax because they own the bank.

In closing, you will not be able to speak with the loan officer the dealership is calling the loan into and trying to will only guarantee that you will not get the loan.

If your provide more exact details about your income, time on job, and what credit you do have, I can give you other options to pursue.

Help getting 1st time auto loan???????

Best to do is probably save a larger down payment for a couple of months which will help you a bit more and believe it or not, having credit cards, even if you just store them in a drawer and keep a zero balance on them will help your rating. If they still insist that you need to make more than $1500 you might need to seek out either a p/t second job or get a co-signer. Don't forget to try to get a loan through your bank or credit union- they may be more open than Carmax.

Good luck!

Help getting 1st time auto loan???????

1. GO WITH A CO-SIGNER.

2. THE INSURANCE WILL BE HIGH.

3. OR JUST SAVE UP A LITTLE MORE DOWN PAYMENT.