1) Monthly income of between $1,500 and $1,600 per month. This is about the lowest income level you can have if you want to get a loan. While you still have options if your income is lower, they will be few and far between. So if your income is too low, you’ll need a cosigner or, perhaps to take a second job to increase your monthly income.
2) Full time employment (not seasonal). People who are not employed full time can have difficulty getting a vehicle loan. And even if you’re working full time, but that work is seasonal (such as working in a retail store during Christmas time), you may have difficulty getting a car loan.
3) Legal residency. In most cases, you’ll need to be a legal resident of the United States. If you are not a legal resident, you will probably have trouble getting a loan for a vehicle.
4) Currently reside in the United States. In most cases, you’ll also need to reside (have a home) in the United States for you to be considered for a loan. In most cases, you’ll need to provide proof of residency to get your financing. You will probably need a working phone number as well.
5) Currently having, or able to obtain, auto insurance. If you do not have car insurance, a lender is unlikely to loan you money on a vehicle. There’s just too much risk for the lender if the vehicle is totaled in an accident. Note that it is also illegal to not carry certain types of auto insurance.
