minimum credit score needed for car loan
Income vs. Auto loan amount?
I am 19 and will have around a 700 FICO score after I pay all my credit cards off at tax time. I have had a full-time job for over a year now and make $9.25/hour. That puts my monthly gross income around $1,600. I am currently living at home with no housing expenses. I know most banks have a minimum income requirement of $1,500, but I am wanting to get approved for a maximum $12,000 used auto loan. I would like to carry the loan out over 60 months which would make my payment lower than I am paying now for a car payment. I would make sure the car I would get should have a great Loan to Value rate and would be reviewed highly. Is that good enough to get my loan?
If I need a co-signor, the only one I have makes about $27,000 yearly, but only $300/week is verifiable via paystubs (she is a waitress). Her credit score is about 630. Would that be enough to raise the combined income to get approved if I would need a co-signor?
I was in your situation about 7 years ago, except I was a wee bit older. I found the car I wanted, then I got a loan from an major bank (later merged with B of A) over the Internet at a very reasonable rate for a used car (I think it was 8.5% back then over 60 months) and the loan amount w/ no down payment came out to be at about $13500, including all fees and taxes and such. Just paid it off not too long ago.
I see no problem for you to get a loan. Auto loans have relatively low risk as they can always repo the car. The trick is to shop around. Ask your current bank, and check rates on the Internet, such as LendingTree.com, and your local credit union(s).
The dealer is probably the WORST place to get a loan. They quoted me like 12% interest, I showed them the check I got in the pre-approved loan package and said if you can beat this offer I’ll go with you, they didn’t even try.
I would not worry too much about the loan to value ratio. For a used car the ratio is in your favor. It’s the NEW cars that fall in price the moment they leave the showroom, and those people end up with “upside down loans”. Used cars already passed that step and the ratio should be favorable to you, esp. if you keep up the upkeep. 
Some people love to see a nicely annotated maintainence book, others don’t give a hoot.
Try to look for a loan yourself first. I personally don’t think you’re going to need a co-signer, esp. if you’re a hard worker. Worry about cosigner when you ran out of prospective banks and CUs.
