PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
"Is it possible to get a car loan with low income of $800 to $1,000 a month? "
"I am 19 and I have an excellent credit score. I make money by doing odd jobs for my neighbors. The work has been consistent for the last two years and I usually make $800 to $1,000 per month. Could I get a car loan?
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“There are lenders out there that specialize in low-income car loans, but it is very unlikely that you would qualify for any loan with an income of less than $1,000 per month. It is also unlikely that you can actually afford a car as well.
Let’s say you get a car loan with a monthly payment of $300 per month.
Car insurance
costs about the same, if not more, for a young driver. A tank of gas will run you about $50, which puts you at $650 per month for a car if you drive less than 300 miles per month. If your car needs new tires or other service in a slow month, you will not have the money to get it fixed.
Your best option is to wait until you start making more money or you save up enough cash to buy a cheap car outright.”
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies