Do you think I can afford this car?
I'm thinking about buying a 2011 Ford Focus that has low miles for $7,500.
I work about 35 hours per week for $10/hour, but I'm about to have two jobs soon. I really need a car to get back and forth. I have a 700 credit score and $1,000 to put down on it.
The only problem is that I only worked 20 weeks this week and 15 last week because I needed to take time off for my dying grandfather. If they see those pay stubs, they might reject me.
Your chances of being approved for loan are slim. Your credit score is very average, at best, and your employment income is lacking. In all likelihood you would need a co-signer to secure a loan with a acceptable finance rate.
You're going to get denied, even if you were able to show 35 hours per week. Lenders require no less than six months of full-time employment history, and a minimum verifiable income of at least $1700-$2000 per month, in addition to sufficient credit/credit history. Not meeting income requirements is going to get you denied automatically. Even at 35 hours per week, you only make $1516.67.
In addition, you'll need to obtain full coverage insurance, which will be just as much as, if not more than, your payment. Buy a beater $2000 beater for cash, put liability insurance on it, and drive it until the wheels fall off. When you're in a better place in life (working full-time for more than minimum wage), then consider a new(er) car.
To a lender, working two jobs "soon" means working one job. The could care less what the circumstances are for not having many hours. It's all about what income you can prove, and they will want proof of income.
It's probably not going to happen. Sorry it's not what you wanted to hear.
They look at YTD figures, not just last week.
No, when working only 15h/week at $10/h, then there's not enough money to pay of the car in a reasonable time. The wage would be $150 a week, $600 a month. When paying $100 a month for the car, it would take 6 1/4 years to pay of the car but that is to much time for them to accept and even if they would, there will be interest they take, after so many years the money to pay the interest will be alot too.
who knows, maybe they don't take interest and accept a payment time of 6 1/4 years, doesn't cost anything to ask them once for it, the worst what can happen is that they say no and thats it. There could be hidden costs that they will demand in the end, that is why to ask for the FINAL cost all in all.
Why not buy a car you can afford?
Need a better job, or a car that costs less.
Please do not buy a used Ford.
Look for something half that. BTW a Toyota is ten times better. It is made here with US labor and parts. The Ford is made in Mexico.
You won't qualify on that income. Almost nobody without a full time job would be.
If you did manage to get approved the interest rate would make it not worth it. The higher the risk the higher the interest.
Look on craigslist sure you won't know the quality, but you can worm the price down a bit
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