Tips on Buying Cars: Welfare

Question
i am interested in purchasing a new vehicle but my only form of income is welfare. I recieve 900 a month so i would be able to afford a vehicle and have good credit. are there any restrictions on this?

Answer
Sheila:thanks for the question.Since I am not a finance person,I will try to answer your question.There several key factors in financing 1)Credit(if your unsure of credit score,you can get it once a year free)2)time of residence(more than two years helps)3)and income(with good credit!this won't matter.)Several lenders require a certain amount of gross income.My suggestion is to secure your own financing thru your credit union or bank.(if you have good credit;there should be no problem)And remember,your payment can not exceed 20% of your income.And maybe a co-buyer can help with your limited income issue.Good Luck!