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Rakhi Vasavada
Rakhi Vasavada , Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2535
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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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: 3 years ago.
Category: Finance
Expert:  Megan C replied 3 years 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

JACUSTOMER-eobq7ret- :

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

MyVirtualCPA :

Yes, you will because you do

JACUSTOMER-eobq7ret- :

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

JACUSTOMER-eobq7ret- :

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

JACUSTOMER-eobq7ret- :

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?

JACUSTOMER-eobq7ret- :

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?

JACUSTOMER-eobq7ret- :

Yes

MyVirtualCPA :

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

JACUSTOMER-eobq7ret- :

I prefer to get further financial advice elsewhere.

MyVirtualCPA :

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

JACUSTOMER-eobq7ret- :

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.

JACUSTOMER-eobq7ret- :

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

JACUSTOMER-eobq7ret- :

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.

JACUSTOMER-eobq7ret- :

You as well.

MyVirtualCPA :

But you really need to file your tax returns

JACUSTOMER-eobq7ret- :

I said I will.

JACUSTOMER-eobq7ret- :

Good day.

MyVirtualCPA :

Bye