Graduating in May and I am in a location that requires a car after graduation. Considering purchasing a used car near my University and driving myself down to the city I will be working. I have the liquidity to purchase in cash, but I am anticipating a number of lumpy expenses associated with starting out and want to keep a decent cash buffer. I am wondering if anyone has been able to leverage an IB offer letter (110 + Signing) into a car loan. I have decent work history (~50k 2022, ~20k 2021) but it's a bit lumpy with side hustles / 1099 / Internship money so curious how lenders would view this.
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What kind of car do you want?
I'd say no just with the job offer, it's not "set in stone" enough for them, but if you offer that alongside your decent 2022 income you may be able to qualify for a starter car loan. Talking a Honda, not an Audi. This also assumes a great credit score
Looking to spend ~20k or less and definitely want something a little fun. I was thinking of a BMW 3 series ~2017 vintage or a Jeep Wrangler. I'm not planning to stay in this location long term so will be selling again in 2 years. My credit score is ~750 with 4 years of history, also have 32k in student loans, and 26k in cash/stocks.
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