General Question

freckles's avatar

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

Asked by freckles (363points) 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

SeventhSense's avatar

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

freckles's avatar

@seventhSense Thanks! That makes sense.

Pazza's avatar

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

SeventhSense's avatar

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

Pazza's avatar

@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.

Val123's avatar

Yes. Keep in mind, above all, what you really can afford to pay.

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