Dealership loan approval

your credit tips are tracked on your pay stubs and W2, how else do you think you get taxed on them

start reporting your cash tips too

>>14711821
>being this poor
Shiggy diggy

to elaborate, your biweekly pay stub will show a gross pay and a net pay, one of which includes your entire income including all reported tips. that's what they care about, not the amount that your actual paycheck is made out for

pay attention and tally up your cash tips as you go and have your manager report them when he closes your shift. you will have to pay tax on cash tips which sucks but your income figure will appear to be larger

>>14711834
Well I was told you can't use them because it's not consistent or whatever, but if you're right thats awesome! I've just been submitting loan applications through dealerships when I find the car I'm looking for, should i be calling them instead? Or doing it a different way?
>>14711842
I make pretty decent money for being 19 i think anyways, compared to some of my friends. On a good day I can clear almost 100$ just in tips in like 6 hours.

>>14711875
We're required to do that when the shift is over anyways, I'll make sure to include them now

>>14711878
I imagine you're best off going to the dealership in person where you can explain your case to a salesman and maybe provide a history of pay stubs indicating that the tip figures you're reporting are sustainable and consistent. If you get to talk to someone like that you probably have a better chance of them trying to work with their manager to cut you a deal

They'll also try to get you to use a co-signer like a parent or relative since you're 19

I'm not really an expert, my experience with stealerships is very limited

>>14711933
Well thats my problem, i can't go in person as the cars I'm looking at are out of state. I don't have a cosigner either

>>14711821
No
No
No
Stop

Never, ever, unless you literally have no other option, finance a 4K shitbox through a dealership. IF your only option is taking out a loan, go to a bank or credit union with your paystubs and pay information, talk to an actual loan officer, and explain your situation. A dealership is going to ass fuck you with a 20%+ APR on a 4K shitbox.

What you NEED to do, if at all possible, is take whatever money you were thinking you would throw towards a car payment, save it, wait till you have 4K in cash, then go buy a shitbox outright

If you take out a loan, you will also have to account for the fact you HAVE to take full coverage insurance for the entire time you are making payments, which I will almost guarantee you haven't thought about

>getting a loan on a $4k car
>out of state
kek

Buy a $2,000 beater on craigslist and save for something better

>>14711964

yes, you would know about this from fucking so many people over

>>14712164
Haha, funny.

None of our lenders would finance a 4K car. Pretty much the bottom end limit now is about 7-8 grand now. If you take a dealer loan for a 4K car, you're basically stepping into Buy Here, Pay Here terms territory.

>>14711964
a credit union might loan you 4K, but probably give you a personal loan which has worse rates

>>14712200
That's why I said, if financing is the ONLY option, OP needs to actually go to a bank or CU, and talk to a loan officer in person

>>14712186

Hey LPG, speaking of loans, what is generally the common age limit on financed cars? I'd imagine most lenders won't do deals on cars that are older than say 10 years or so.

>>14712164

That'd be the place a friend of mine turns wrenches at.

He told me about some folks who bought a 2000 Grand Marquis there last month - $5500 financed for 4 years at 24% APR.

>>14712412
For larger dealerships and banks, it's usually it's 11 years, and no more than 125,000 miles on the car.

You have a lot of Credit Unions that will do longer in terms of the cars age or mileage, but anything beyond that age, you get into super high APR's or super sketchy Buy Here- Pay Here dealerships

>>14711964
This. just save 4k. Do you even know your credit score OP? Most credit cards give you a free FICO score. It wont be the same as what the dealers will pull up but you'll get a good idea of where you're at. Every lending institution has different methods when if comes to your credit score.

>>14712450
Ok, I've heard this often enough and I'm not 100% on it, is a "buy here pay here" a place where instead of having a bank do the financing the dealership does the financing? I'll admit my knowledge and understanding of this shit is poor.

>>14712634
read my post about them in the other thread:

>>14711903
>>14711931

>>14711964
>tfw LPG replies to your thread
You're right, i have absolutely no idea what I'm getting into. One of the cars I'm looking at is 1000$ downpayment then they'll finance anyone. You really think the interest rate would be that high?
>>14712576
I have no credit. The most I've done is use a debot card

>>14714464
*debit card, my bad

>>14714464

Go to https://www.creditkarma.com and sign up. It's free and will track your credit and credit score and give you some idea of what you're working with. Listen to LPG and do not get a loan for a cheap shitbox. Save your money for a few weeks and go buy some beater if you have to. Apply for a credit card, something decent, none of those bad credit credit cards, and start building your credit score.

>>14714530
Just tried that and it's not working. Says I'm not affiliated with anything

>>14714606

Does it give you a score? Can you screencap it without showing any of your personal information?