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How much do I need to make a month to get a car loan?
I want to get a car loan, but I only make $2,000 a month. However, I don't have any other bills other than a $50 phone bill. Is this enough to get a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You’re smart to be looking at your expenses before applying for a loan. With no bills (including rent or other debt), many lenders will approve you for a
car loan
if you make as little as $1,500 a month before taxes, but it’s all dependent on your credit and how expensive the car is that you want.With $2,000 in pre-tax earnings each month, you could realistically purchase a car worth about $25,000, depending on the interest rate, your credit score, and the length of the loan. Remember that you can always extend the loan to 84 months for lower monthly payments, but you’ll pay far more in interest in the process. Make a budget and stick to it so you don’t overextend yourself financially.
If you get a loan, the lender will also mandate full coverage car insurance. Not only should you budget for this, but you also should shop around on the
Jerry
app. With the Jerry app, you can compare rates from top insurers so you’re always getting the best rate for your car insurance needs. The average Jerry user saves $879 a year. View full answer
- Gregory R.
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