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Minimum Monthly Income Needed For Bad Credit Car Loans


Minimum monthly requirements vary between different lending instiutions, Additionlly, your credit score will also factor into how significant your monthly income is going to be. But generally speaking, car loan providers prefer that all of your debts within any give month are no more than 40-45% of your monthly income. Approvals are very common when your car loans are between 15-20% of your monthly income at the most.



So, a minimum monthly income needed for bad credit car loans can always vary - everything depends on your unique situation. Even the length of time at your current job can be a factor. If you make minimal monthly income but have been employed for a significant amount of time - financial institutions like this because they know that you at least bring in consistent income and you are more likely to be stable than those who make more, but switch between jobs all the time. 



Remember, higher down payments can always help you as well, regardless of your monthly income. If you do not qualify for certain vehicles because your wages are too low, then save up just a little bit of money and then your higher down payment will help. Sometimes, even $500-$1000 down payment can help.



Call Car Loan For You about the down payment you need to qualify the car or truck and payment that is comfortable for you.



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