My wife is driving me crazy but before we go out and financed a used cars I want to make sure? My wife receive social security she receive $ 680. a month the vechicles that she want cost $ 9,000 but we have a trade in ! Another thing is her credit is not good My Question is do anyone know how high the interest rates will be for a person to finance a car? What happen if you have high interest rates how do this work? We are looking for a 3 years finance a cars! Believe me I never in my life financed a cars or something! Would it be much better if I buy the cars in put in my name I have no credit either?
My wife is driving me casey but before we go out and financed a used cars I want to make sure?
01
May
mike r
May 1, 2010 at 8:41 pm
She won’t get financing. She doesn’t meet the minimum income requirements to repay a loan. Not to mention social security income is a non-garnishable income so the banks won’t consider that when they are considering how the loan will be repaid. As far as for you, you might be able to finance something if you have income. The dealer will help you with that.
insidebuy
May 1, 2010 at 8:59 pm
She wont get financed. The minimum all lenders require is $2,000/mth in provable, earned income. SS is not considered earned income and cannot be accepted as a source of income on a credit app.
Provable, earned income is a paycheck stub. It’s money you make while working for yourself or for someone else. Your wife will have to pay cash for a car. She has no other alternative.