In Kentucky, times are tough and incomes are stretched thin. So it can come to surprise many folks that after they scrape together enough cash for a down payment and apply for a loan they get turned down. The reason? The bank, credit union, or dealership is nervous about their low income. Not everyone offers Kentucky low income auto loans, or is prepared to deal with someone with bad credit. Best advice? Find someone who knows something about it first.
Used Car Lots that Finance Low Income?
For years we've helped setup car loans in Kentucky for people of all types of credit. Our dealership network works hard with us to put people in cars they can afford so they can stay working and rebuild their credit. However even low income dealerships have requirements, and if they don't it's a good chance they have a high up front cost so they can pocket the down payment if you default. So what's the magic number?
For most used car lots that finance, $1500 a month gross income is the minimum bar dealers like to see and a steady employment history or history of income is preferred. Normally employment or verifiable income history of a year is the bulls-eye especially if you have bad credit. If their standards are lower then that, be extra sure you can meet the monthly payment with no problems to avoid any funny business and take paying on time very seriously.
What Sort of Used Cars Can You Get?
When dealing with a family on a tight income, generally the financing comes first and picking a car comes second. Not every vehicle on a used car search engine has good terms to finance. However if you can meet the gross income requirements, most cars are newer model used cars and not the three or four previous owners you might find at a no questions asked buy here pay here.
Getting a good deal on a cheap used cars for sale is important, but quality is also important. Because with a limited income family a sudden and significant vehicle failure can turn the car into an expensive paperweight in a hurry. Don't mess with dependability, buy only what you can afford, and save that dream car for when you can afford it.