How do I calculate my monthly income when applying for a car loan?

Asked by freckles (363

) February 5th, 2010

I am applying for my first car loan. And my income has recently changed. I work at my school, and I bumped my hours way up this semester. So for the past few months my income has been lower than it is now. Do I put this month’s monthly income in the application, or do I have to average it or something? Thanks for your advice it is much appreciated.

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6 Answers

Put down your highest recent income on the application but consider your actual recent take home when estimating what you can afford.

SeventhSense (18914

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@seventhSense Thanks! That makes sense.

freckles (363

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Why not forget the loan, save up an then buy one?

Pazza (3268

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@Pazza
Blasphemy!!..We all need to be beholden to the debt. That’s unAmerican. ~

SeventhSense (18914

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@SeventhSense – Ok then try, One’patata-two’patata…......

On the other hand, you could get a loan, and then discharge the debt with your bond interest by instructing your government acting reduciary to pay it off with said interest from said bond!.......

But theres a catch, you can only discharge a debt that bought something which benefited both youself and you peers simutaniously ie. a student loan.

Pazza (3268

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