Need a car loan, but only make $1100 a month

by Angela
(Aberdeen, WA)




Question: I need a car loan but I only make about $1100 a month and my fiance does not have a valid social security #. We have a car loan through Westlake Finacial that we are in good standing with, but they will not finance us again because of the social security # not being valid.




Answer: This is going to be a very difficult thing to accomplish, because different laws like the Patriot Act and the OFAC terrorist watch list. The government has really cracked down on dealers and make them and lenders run quite a few checks to verify who someone is before giving them a car loan.

You may have to see if you can find someone else to cosign with you. Or you could save up a pretty healthy down payment and get financing on your own through a company like Credit Acceptance Corp. They will approve you even with limited income, but the vehicles you'll be able to buy will be very limited (because of your limited income) without a nice sized down payment.

Lastly, I'm not to sure about your overall credit rating, but you may be in okay shape as you've paid your Westlake Financial car loan well. If your overall credit is good, then you may (on your own) be able to qualify for Credit Union Auto Loans.

Hope this helps,
Justin





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