what is the annual income requirement to get approved for a loan for a coupe..?

 

It all depends on how much you are getting financed, $30,000 or $10,000. Your credit rating plays a big part, poor credit -harder to get a loan, how much you pay for rent/ mortgage comes into play (the amount of $$$ you owe a month) Lets say you make $3,000 a month, owe $2,600 in bills (mortgage, household stuff, insurance, etc) and your soon to be car payment is $600, no loan... so it all depends on your monthly expences and credit rating VS. car payment (insurance cost, and how much it cost to maintain the car)

So in other words, their is no minmum $$$ requirement

Discreet

 

My bank said they will lend up to 75% of your gross annual income for a new car, if you have good credit. For example if you make $40,000 a year (gross), you could get a loan for $30,000.

 

Your credit rating plays a big part in wether or not you get financed. But they also look at your <font color=red>income to debt ratio</font color=red>, which also plays a big part in their decision. Like they said if you have to much credit debt, you wont get financed even if you have great credit. My credit wasn't the best in the world, but the dealership told me that my income to debt ratio was fantastic, and I got my car.

<font color=blue>2003 Caribbean Blue Coupe
6MT Prem, Aero, Nav.</font color=blue>[img]/w3timages/icons/cool.gif[/img]

 

I'm only 21, have perfect credit and make only 2k a month. (If I go to work all 5 days a week for a month.). I still live at home though, so I pay only a couple hundred for rent and a lot for insurance. I qualified for the car..

 

if i make 30K a year..have 200 or less per month in credit card bills...good credit...and since i live at home, i pay no rent.....can i get a loan..?..i'm only 23...

 

Probably, but that would be a better question for your bank or the infiniti finance **** (i mean infiniti finance guy.)

 

If you've had those credit cards for a few years and been paying them on time regularly, then you should have no problem.

2003.5 G35 Sedan Desert Platinum/Graphite Premium/Sport/Aero/Nav/Winter

 

Let me make things a little more clear for everyone. Bank's lending philosophy is based on 3 factors. 1) Ability - meaning, will your finances allow you to make your payments? is your debt/income ratio too high? 2) Stability - meaing, how long have you been employed; how long have you lived at your residence?; etc. 3)Willingness to Pay - meaning, is your credit history good; have you paid your other bills on time? Hopefully this should help you decide for yourself if you think you'll get your loan or not.

ps- who would've ever thought that having your lending authority would come in handy other than at the office [img]/w3timages/icons/smile.gif[/img]?

Bozz
6MT Laser Red w/ prem.

 

I have to say this - tell me to go screw myself all you like - If I had a son and he brought home a car that was so clearly a waste of money he doesn't have, I'd throw him out! I would never allow a kid's priorities to get so screwed up that he values a fancy car more than a roof over his head.

My parents would never have allowed me to exercise such skewed priorities. I never swam uphill 5 miles to school, but there has to be balance. Buying a car like this when it represents ~75% of your annual income is idiocy and a clear case of unbelievably skewed priorities. You buy a car like this when you already own a nice house, not when you can't even afford rent!

I can't believe what I read here sometimes..

-- mike

2003 G35C 6MT Leather, BS, Prem

 

Well, that's pretty much your priorities. Everyone has their own, and they may not necessarily jive with yours. A waste of money in one person's eyes may be a necessity in anothers....
...so what I'm trying to say I guess is that it's not really right to judge based on a few facts without knowing the entire situation.

2003.5 CB Coupe 6MT
Pics

 

so what I'm trying to say I guess is that it's not really right to judge based on a few facts without knowing the entire situation.
__________________________________________________ _

and that statement is the answer to this threads question.

Call the bank or your institution who your dealing with and see how it goes.

Thats roughly as easy as it gets.

later bro.

 

I'll try to approach this logically.. It's not about hating "playas" (BTW, the word playa is spanish for "beach" - I certainly don't hate the beach); it's about making solid decisions that will carry you through the good times and the bad times. If you put money you don't have in a car, clearly a poor investment, then you don't have it when you need it - like when your heat has been cut off or your car blows out a $250 tire you can't afford to replace because you just got those new clear corner markers.

Why do I care? Well, if we didn't have a societal safety net that taxpayers like myself fund, I wouldn't care one bit. The problem is that people who usually make bad decisions are the ones who ask the government to help out, when their decisions landed them in trouble in the first place. So, it's not really about me judging anyone - it's about me not having to pay for what amounts to stupidity and waste 5 years from now, when your parents have tired of supporting you and tell you to get out.

-- mike


2003 G35C 6MT Leather, BS, Prem

 

i understand where you're coming from cuz i'm a loyal taxpayer, too, and there's nothing worse than knowing your hard earned money is going to ppl who don't know better... but.. that reason is a bit contrived, don't you think? i mean, yeah, we pay taxes.. these taxes are used by the government in many different capacities.. one of them being to buy ppl out of the holes they create.. but that amount is so residual.. if you could trace back one kid's mistake all the way back to the tax withheld from your paycheck and tell me that it amounts to more than a penny or two, i'll personally help you fight this..but i doubt you'll find it impacts u all that much..
anyway, that same fund will help you out if some sort of tradegy were to strike you.. and at that point, someone could argue that they don't wanna pay for someone else's misfortune, even if it's deemed a worthy cause... basically.. you're creating standards that you have no right to create for other ppl.. if someone wants to make an "irresponsible" decision, then let him/her make it.. it's not like ppl always blatantly make destructive decisions.. but if they do, then they do.. it was their mistake to make. are you saying all your decisions are sound? you make no mistakes?

plus, this thread was about an annual income requirement as well as credit issues.. this guy was smart enough to seek assistance from those of us who may have the answers.. also, financial institutions don't just finance anyone.. if someone has a pattern of creating debt they can't pay back, the lending companies will give them nothing..

let me take my own logical approach to this.. if a guy buys a car that is about 75% of his paycheck, then i think he's in a good enough position to make such a purchase.. remember.. we're not talking about buying the car right out.. that's why ppl finance.. so they can eventually pay for the car.. a kid making 40K buying a 30K car would have to make payments of about 15% of income if under a 5 year plan (not accounting for any down payment, trade in, tax, title, license, financing charges) ppl that make 40 - 50K will still purchase a 60K vehicle.. why? because they know they don't have to pay for it all at once.. this car cost nearly 100% of my annual salary, but i'm not worried.. i make payments each month that amount to about 10% of my income, which really isn't much considering how much i pay in taxes or rent.. i'm on a 5 year plan, but i think i'll end up finishing my payments in 3.. i don't make all that much money, but i know how to manage what i do have.. if you're good at managing money, then you can make that kind of purchase.. yeah, things happen that are beyond our control, but if we were always thinking about those things, then what kind of life would we live?? it's not just about how much something costs, but also how it makes you feel.. practicality, utility, and necessity all molding together..

please don't judge other ppl's decisions.. they don't judge yours. but then again, it's your right to judge if you want.. just like it's everyone's right to make good or bad decisions so long as it's their own..

'03 G35 Sedan: ivory/aero body/sport/sunroof
Warning: Objects in mirror are FASTER than they appear

 

Well said, Kong[img]/w3timages/icons/wink.gif[/img]