To qualify for an auto loan through InterActive Financial, you must be
a US resident of legal age, you must not have had a vehicle repossessed
within the last 12 months, you cannot currently be in a bankruptcy
proceeding, and you must have a monthly gross income of at least $1,800.
We do not offer title loans, loans for refinancing, or loans for private sales. All
vehicles must be purchased through our participating network of dealers.
So now here's a couple things to help you out:
Don't over-extend your budget. Here's a handy auto loan monthly payment calculator, so you can translate the total price to a monthly payment.
Here's an old rule of thumb on how much car you can afford. Take your monthly budget and cut it in half. From one half, subtract your rent or mortgage. What's left is your ideal car
payment. Now don't immediately freak out -- this an old rule of thumb
because rents and mortgages have really climbed over the past
decade.
We bring it up just to emphasize our point
about being careful with your money.
You probably will be asked to produce various
documents.
These include a valid drivers
license, proof of insurance, and proof of residence
(via a utility bill or something). The stips sometime
include references. The references can be a
bit of a hassle, but banks consider them a
great way to reduce fraud.
