The Best And The Worst Time Of The Year To Buy A New Car The Best And The Worst Time Of The Year To Buy A New Car Gobankingrates
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What is your income? Obviously the higher your income the better that the dealership or lender will feel about approving your auto loan. Note see also our recent article "How to Get Approved for an Auto Loan with Bad Credit if you have Low Income"; for more information. • What is the ratio of your rent or mortgage payment as compared to your gross income? A scarcely known fact is that automotive lenders and dealers pay close attention to this figure. For example if you make $1500 per month income and your monthly rent or mortgage payment is $500 then your housing cost takes 30% of your monthly income. Anything beyond 40% or so will send a warning to the lender or dealer and they might need to be convinced that you will be able to make your monthly car loan payments on time.
The other factors considered are what kind of overheads or fixed monthly expenses the applicant incurs in addition to other financial liabilities associated with maintaining the family. If your monthly paycheck is within the range you are most likely to qualify for the auto loan. In case you are not there is an option to go in for some additional income by taking up some part time job or even take up some project work that helps in getting some extra money. In any event you need to earn the required amount every month and make sure there is proof regarding your total monthly income which you can submit along with your loan application. In case you ca not come up with the required monthly pay you can always find a car loan lender who can provide a bad credit auto loan.
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However applying further for loans will actually hurt your credit score more so to counter this you could visit Myautoloan.com. This site helps you connect with high risk lenders and nearby car dealers that can help you finance your new car. An online auto loan holds many benefits to the average consumer. In one example an online auto loan will typically beat out a dealers overall APR. As well as being cheaper overall an online auto loan application does not incur fees such as one may be subject to at a dealers. Many car dealers tack on application fees to squeeze that extra bit of cash out of the customer beforehand. In another example of why an online auto loan is more beneficial than an in-person one you may find that the online application is considerably easier to fill out since you do have the internet at your fingertips. Besides having the information needed to properly fill out an app online you will also be able to work at your own pace to fill the application out.