I am trying to buy my first new car and my first EV. There is one hurdle in my path, a low income. I get $1060 a month, that is $12,720 a year.
Lenders want a minimum income of $1.5K to $2K. I have missed this mark and I am totally allergic to the idea of going back to work part-time to make up for the deficit but there has to be a way. Perhaps I will have to get inoculation against this allergy to carry through a shot moment long enough to secure the loan?
I want to put a $10K down payment on a '23 Chevy Bolt, hoping that GM does not go back on their word of a $26K MSRP and the dealer don't try to gouge my ASSet out.
Perhaps the average person living on this income cannot afford to pay for a new car but I can pay a monthly car note of about $400, insurance payments of about $120, my rent of $177, my regular incidentals of about $150, donate my regular $126 to charity and save $87 a month. After four months I will be getting a COLA that may be just short of $100.
I live within my means, I don't live from check to check. I find it rewarding to have Bill money for a few months saved up. I don't spend money on a veneer to make me look like something that I am not, I am comfortable in my real skin. This saves me a lot of resources.
I am old, set, and have been spending like this for years. I have stopped sex and I don't think about it. . . . much. You'd be surprised at how much money you save when you're not trying to impress anyone.
I have just applied for a loan with a credit union, if I get turned down I will buy a really nice recliner and save 5 or 6 hundred a month until the LT1 Chevy Equinox is released. By then I will have about $20K for a down payment for the ~$33K '24 Equinox and Credit score about 800, it's 767 now.