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Thread: Good Credit, Low Income
- 02-24-2011, 03:38 PM #1
White Belt
- Join Date
- Feb 2011
- Posts
- 2
Good Credit, Low Income
Hello! I'm a full time college student with a part time job. I have pretty good credit ($700+), but I have a low income. I'm looking at cars to finance (Honda Civic or Scion TC) for no more $10,000. I'm willing to put a down payment of $2,000-$2,500 towards the car. Do you think I'll be able to get a car without a cosigner? Thanks!
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Maybe... but why do you want to spend so much on a car? That's the best way to start off on a treacherous financial path. Cars are money pits. You're in college and working part time - spend appropriately and you will be glad you did. Good luck!
- 02-24-2011, 07:50 PM #3
White Belt
- Join Date
- Feb 2011
- Posts
- 2
Sorry for the typos! I meant I have a 700+ credit score & that I don't want to spend more than $10,000. I'm looking in the $8,000-$9,000 range because after taxes it will probably near $10,000. I want something with decent mileage and that will last a few years. After doing research, I noticed I will most likely have to get a car near $10,000. I'll just have to be responsible & keep up with the payments.
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Well you can certainly do it and someone will likely give you a loan, assuming you make enough and have low enough debt currently, but I'd still argue that you could get a reliable toyota/honda with more miles in the $3000 or less range that will last well beyond your college years if you want it to. I know that's not what you were asking, but this site is about all things credit and money, so staying "above water" is naturally a common theme. Overspending is the best way to start sinking in a hurry, so to speak.
Anyway, good luck and let us know what you end up getting!
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