Income requirements for typical Auto Loan?

I have a credit score of 702, however I only make about a $1000 a month. I don't realy have a down payment either. Does anyone know of a company I could get a loan with little trouble? I have no debit as of right now, so i could manage a $300 or more car payment.

Income requirements for typical Auto Loan?

I have 14 lenders and not one of them will work with anyone that makes less then $1,300.00 a month.

There are dealers out there that will lie about a persons income if they think they can get around proving it to the bank, remember banks on allow 20% of your gross monthly income for a car payment and no more then 45% total debt to income. They will also factor in $300.00 a month for rent even if you live at home and $100.00 a month for insurance.

Good luck.

Income requirements for typical Auto Loan?

Why don't you save up some money first for a down payment. If you've never had an auto loan before, I'll bet they are going to want some money down or a co-signer. If you can afford to set $300 a month a side, why not go ahead and do that for the next two or three months and then you'll have a bit to put down on it.

When I bought my car new, I got a better interest rate by putting $1000 down instead of $500. I didn't make much at the time either (probably $1200/month), had never had an autoloan before, and I had to have a co-signer. They look at all sorts of things when determining whether you get a loan or not. If you live with your parents say, and are not paying rent, then your pay isn't so bad, and they take that into consideration.

Your score is decent, so that shouldn't be a problem. You might want to try your bank, as they may give you the best interest rate since you already do business with them. Definitely shop around for the rate. Some dealerships run specials, like 1.9%, but I had a friend with excellent credit and a large downpayment, and he didn't qualify for that because they told him he'd never had an autoloan before. They wanted to charge him 11%. He went to his bank and got a loan with 6% interest.

Income requirements for typical Auto Loan?

Typically we look for a minimum of $2k/month.. Some will go a little lower if you're trading out of a similar payment. If I were you, I'd get a co-signer that has decent credit and makes decent $.

Income requirements for typical Auto Loan?

Spifiman1 is correct.