Car loans
in Banking, Insurance & Loans ·
Hey guys, listen up—I need some advice. I’m looking to pick up a used car, but I’ve got zero clue what my credit options look like. I want to keep my monthly payments somewhere between $500-$233, maybe stretching it out over 3 to 5 years max. Here's the catch: I've been at my job for a year now, but I'm stuck on these three-month contracts. Company policy won't let them give me a permanent position yet, so I'm worried no bank will touch me for an auto loan. Right now, I've got a VISA standard card through JPMorgan Chase with a monthly limit of $667 and a credit line for installments of $1333... My paycheck is $1033, but since I'm renting, I gotta shell out about $600 right away for rent and utilities. On top of that, I'm dealing with some leftover alimony issues from back when my dad wasn't paying for 15 years; for the next three years, I'll be getting $567 a month deposited into my account, but banks don't count that as income because it doesn't show up under a standard payroll code.
Can anyone tell me what age of vehicle I should even be looking at and how this whole process works? I don't have parents to ask for help, and a co-signer is totally out of the question—I don't know anyone with the credit score or the guts to jump into this mess with me.
Also, regarding that VISA standard card I have—how does that consumer credit stuff work? Does the age of the car even matter for that? That could be a solid option if I understood how they actually set those limits.
Please, just take me seriously here. I might be young (21), but I'm dead serious about this. I fully intend to pay my monthly car note just like I pay my rent, utilities, and credit card bills... I don't see any reason why I'd have trouble with the bank down the road.
Thanks in advance for the help and advice.
Can anyone tell me what age of vehicle I should even be looking at and how this whole process works? I don't have parents to ask for help, and a co-signer is totally out of the question—I don't know anyone with the credit score or the guts to jump into this mess with me.
Also, regarding that VISA standard card I have—how does that consumer credit stuff work? Does the age of the car even matter for that? That could be a solid option if I understood how they actually set those limits.
Please, just take me seriously here. I might be young (21), but I'm dead serious about this. I fully intend to pay my monthly car note just like I pay my rent, utilities, and credit card bills... I don't see any reason why I'd have trouble with the bank down the road.
Thanks in advance for the help and advice.