New car- iffy approval

[The Car Kid]

Do you guys think I'd get approved? If not, what can I do (other than cosigner) to improve my chances for the near future?

 

Age: 18

 

Current Credit: 1 Discover student card

TTL Avail: $1,000

Balance Owed: $0

Length of Account: 2 mos

 

Other Monthly Expenses: $120/mo - (Insurance, Phone, Gym)

 

Car Wanted: 2013 Chevy Cruze ECO

TTL Sale Price: $19,600 + $500 tags... $20,100 (NO tax due to hi MPGs =D )

Trade In Value: $2,000

Cash Down Payment: $1,500

TTL Down = 17%

 

Total Loan Requested: $16,600

Loan Length: 72 mos

LTV: 84.7%

 

I'd really like my payments to be no more than $300, so under 9% APR would be nice. I read in another thread

 

Total Gross Monthly Income: $1100 (Provable)

Extra Monthly Income: $300 (Not provable)

 

I have no cosigner...

 

I don't want to get my hopes up, but I really would like to go for it. Read in another thread that GM Fin is pretty good with first time buyers on this model. Thanks you guys!

 

[MarvBear]

Your monthly gross income is below most standards set by lenders.

[The Car Kid]

I don't plan to apply for a couple more months, and then my provable gross will be about $1600 and change. Am I anywhere close to the standard? :/

[BRBiz]

I think with out a doubt you will need a co signer due to having almost no credit or history.. Some lenders min. Income are $1200 while others maybe at least $1600 but it all depends on the lender.. Even if some how you got approved the rate would be pretty high. If you have a co signer use them.

[MarvBear]

I took a brief look in the pinned topics section. On one of the credit unions first time buyers program they stipulate a $2,000.00 monthly income.