I work 2 part time jobs, very part time. I bring in 1000-1100 a month. I know not much. I just transitioned from SAHM to WM, am unmarried so I cannot count my SO's income toward my income. Anyway. I heard somewhere that it is 20% of your monthly income, which is how much your payment should be. But again I don't know.
My credit is really good for what I have. Only 2 credit cards, both have balancs, which I pay off every other month, never been late, have small bills in my name that get paid on time always. So
-How much of a loan can I afford?
-Is the 20% of monthly income what I should pay toward a car realistic?
-If anyone has worked for a bank or loan center etc what are my chances?
THis is the first car I have ever bought. I am 19, so I am not looking for anything ridiculously expensive for only having a 1000-1100 monthly income. I saw some cute cars between 9k and 15k....but I don't want to try for too high of a loan and get denied.
also any insight on how the car purchasing process works would be great. I am going to on monday the 21st and I already want to have a price range in mind.
Asked by Anonymous at 9:38 PM on Feb. 13, 2011 in Money & Work
Answer by genagina at 9:56 PM on Feb. 13, 2011
Answer by Astraea_79 at 9:59 PM on Feb. 13, 2011
Answer by genagina at 9:46 PM on Feb. 13, 2011
Answer by sojourner. at 9:50 PM on Feb. 13, 2011
Answer by Christina807 at 10:49 PM on Feb. 13, 2011