How to Get a Car Loan with Low Income
You don't need to be rich to qualify for a car loan. In fact, there are many auto lenders who offer loans at a reasonable price point. However, most subprime lenders require a pre-tax monthly income of at least $1,500, but this amount varies.
You should take some time to prepare before applying for an auto loan. By having as much information as possible beforehand, you can make the car buying process easier for yourself. Make sure you do these things before heading to a dealership:
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Yes, you can get a great interest rate on a low income car loan, but your credit has to be excellent in order to do so. Auto lenders mostly base your interest rate on your credit score, so your income has little to do with it.
If you're looking for a car loan, but your credit isn't stellar, chances are you need a subprime loan. Subprime lenders help people in all kinds of challenging credit situations, such as bad credit, no credit, and even bankruptcy. Not all dealers work with these types of lenders, but we here at Auto Credit Express know where to send you to get you back on the road.
Having access to a vehicle is often necessary in order to get to work, school, or wherever you or your family need to be. High car prices can be a barrier for low income families and individuals, but there are other ways you can get a vehicle.