How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Rakhi Vasavada Your Own Question

Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2111
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
43581946
Type Your Finance Question Here...
Rakhi Vasavada is online now
A new question is answered every 9 seconds

Hi, Im a college student. I would like a car loan for about

Customer Question

Hi, I'm a college student. I would like a car loan for about $4000. I have some credit history; my score is about 640. I currently only work at a local pizzeria. I get paid off the books; I'm considered jobless but I can afford the payments. I should be able to get a down payment of about $1000 together. My fathers credit score is approx. 650. How do you think I'll fair? Should my father co-sign? What are the best companies/banks/lenders do you think? Will I be able to find an affordable rate?
Submitted: 1 year ago.
Category: Finance
Expert:  Megan C replied 1 year ago.

MyVirtualCPA :

Thank you for your question, and thanks for using JustAnswer.com

MyVirtualCPA :

The best bet of getting a loan will be to have your father co-sign on the loan

MyVirtualCPA :

I would start with your local banks and credit unions first. Perhaps where you have your checking account.

MyVirtualCPA :

Some used car lots also arrange for financing right through the dealership

MyVirtualCPA :

The rate will depend on the term of the loan, how much, etc

Customer :

and just to make sure, do I indicate at all that I have some form of income?

MyVirtualCPA :

Yes, you will because you do

Customer :

even though its not filed?

MyVirtualCPA :

If you would rather not disclose your income, you don't have to - it's just that it's unlikely you will get a loan with no income, unless your father has enough income to sustain the paymnts

Customer :

well I would prefer to disclose it. just would like clarity on the legality of me disclosing it even though I don't file with the IRS.

MyVirtualCPA :

Well, legally you need to file a tax return if you are self employed and earn over a certain amount. I would suggest that you file your income taxes

MyVirtualCPA :

I have to advise you to file your taxes

MyVirtualCPA :

and, if you do have income you should include that on your loan application

Customer :

I understand. I will this upcoming tax season but for now, what I make is unclaimed, so I will be clear to disclose that on the loan application?

MyVirtualCPA :

Yes, because you do have that income. You should also file your tax return.

MyVirtualCPA :

Is there anything else that I can assist you with today?

Customer :

No

MyVirtualCPA :

Please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today

MyVirtualCPA :

You can use the rating feature along the bottom of your screen

MyVirtualCPA :

I see you rated our service as bad, was there something in your question that I did not address?

Customer :

Yes

MyVirtualCPA :

I asked if you needed any additional assistance, and you said no...what additional assistance do you need?

Customer :

I prefer to get further financial advice elsewhere.

MyVirtualCPA :

If you would elaborate on what advice you need, I can assist you.

Customer :

No, thank you.

MyVirtualCPA :

If you are upset because I informed you that you need to file your tax return, this is a solid answer as you can go to jail for willfully failing to file your return. I'm trying to protect your best interests.

Customer :

Okay.

MyVirtualCPA :

Please don't shoot the messenger. It's my job to inform you of the situation - I'm providing you with the information that is your legal obligation to file a tax return. I should not be penalized for informing you of that

Customer :

Please stop nagging for an excellent rating. I'm not viewing this as penalizing you, I am simply rating my experience, since I was asked to do so. I have no more questions.

MyVirtualCPA :

Okay. Have a great day.

Customer :

You as well.

MyVirtualCPA :

But you really need to file your tax returns

Customer :

I said I will.

Customer :

Good day.

MyVirtualCPA :

Bye

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Rakhi Vasavada

    Financial and Legal Consultant

    Satisfied Customers:

    2073
    Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
< Last | Next >
  • http://ww2.justanswer.com/uploads/RA/rakhi.v/2012-7-3_14374_RakhiVasavadaL.64x64.jpeg Rakhi Vasavada's Avatar

    Rakhi Vasavada

    Financial and Legal Consultant

    Satisfied Customers:

    2073
    Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    1890
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    1755
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg JKCPA's Avatar

    JKCPA

    CPA

    Satisfied Customers:

    838
    Bachelors degree and CPA with Accounting experience.
  • http://ww2.justanswer.com/uploads/starside8/2010-2-16_55433_DSCN1175.JPG Eric's Avatar

    Eric

    Financial Manager

    Satisfied Customers:

    558
    Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.
  • http://ww2.justanswer.com/uploads/FA/fastfile/2011-12-15_23139_Klein2011small.64x64.jpg R. Klein, EA's Avatar

    R. Klein, EA

    Accountant

    Satisfied Customers:

    397
    Intuit Ask a Tax Expert. QuickBooks Certified Pro Advisor (all editions)
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    324
    NASD Licensed Rep, 1997-2001, Business Attorney