What are the Typical Requirements?
While there is no nationwide standard, here at BEST Auto Outlet the typical requirements for someone applying for a vehicle loan are as follows:
- Monthly income of at least $1,500 gross
- 18 Years of Age or Older
- Currently reside in United States or Canada
- Current legal United States or Canada citizen or legal resident
- Full time employment or guaranteed fixed income
Gross income refers to an individual's pre-taxed monthly income. This income should be verifiable through proof of income such as tax records. Fixed income such as Social Security, Disability Insurance, Child support, Alimony, or Public Assistance should be included in your monthly income.
At least $1,500 gross income is required, and a suggested $1,800 monthly income is recommended for most credit situations.