Auto finance is what I do for a living and with your score proof of income should not be a issue.
To answer your question it will depend on the term of the loan and the interest rate assuming 60-months at 6.9% your payment would be just under $300.00 a month to qualify for this payment you would need to make $2,000.00 a month using a 16% payment to income factor.
While you can get a decent deal from either the dealer or a bank or credit union, you may want to evaluate how much you really need that $15,000 car.
Read the article below for some tips on how to really save money for your future. I am amazed that people will finance a depreciating asset and pay interest on it.
I worked in the nightclub and bar industry for over twenty years, and I can tell you that times can get lean very quickly, and you don’t want to be in over your head in debt when your cash flow takes a dive.
Good luck!
Your credit score is high, that is the main factor they look at when you are getting a loan.
Chances are, you don’t have alot of “potential debt” with that high of a credit score. (i.e. high limit credit cards). Your potential debt is what “you could spend” if you wanted to max it all out.
I’d say, you would be fine getting a loan at a low rate. Asking what your payment would be doesn’t hurt. Try USAA, federal credit unions, the bank you have an account with, etc. They will most likely ALWAYS beat the rate and pricing of the local dealers and who they (most likely get bonuses from) use.
Now, what they say you can get approved for, and what you can actually afford, are two different matters.
I pay 300/month for my car. It was a 18k car. I “could” have had approval for a 65k car. But I would go broke and default, etc and go bankrupt trying to pay that kind of a payment. 300 is what I could afford, so I told MY BANK the 300, and they told me what amount car I could qualify for with them, for how long and at what rate.
Do NOT tell the car dealer what amount you qualified for. Find a car you like, and haggle down to that amount. Don’t forget, some car dealers want some money down. Don’t let them look at your trade in while you haggle. Haggle the price first, once at your range, haggle to amount for your trade in, make them subtract the trade in from your “new car” haggle price. At the end, you have “docking fees, taxes, etc. added in. BAM, you now have your car, at the amount you were approved for at the payment you can afford.