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I’m 18 working a under the table job, making $2,400 a month, and have been saving up for a brand new or fairly used challenger, I want to put down 10k and finance the rest but have had a few issues as far as credit. I don’t want a high apr nor high monthly payment, any suggestions or advice?

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  • Won't a transaction of > 10K trigger all sorts of investigations into the source of the money, and your tax situation? I presume when you say "under the table job" you mean you're paid in cash without any deductions for taxes?
    – shoover
    Jun 20, 2020 at 18:05
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    How do you plan on obtaining financing without a documented source of income?
    – chepner
    Jun 20, 2020 at 19:42
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    I suggest you check insurance quotes first. Your problem may be with insurance being sky high, even more than the actual car payments.
    – void_ptr
    Jun 20, 2020 at 23:03

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My advice would be to buy an older used vehicle for cash using your current savings, and not take on any debt. Your future self will thank you for it.

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    Also, if you're going to buy a car like that, invest some of your money in performance driving courses. Otherwise you may not have a future self :-)
    – jamesqf
    Jun 20, 2020 at 16:39
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When you apply for a loan with a bank, credit union or auto dealership they will want proof of income. In the United States they will want to see pay stubs any maybe even a W-2 from last year, other countries will have similar requirements.

Under the table income doesn't come with proof of income. You also have a problem regarding taxes, you still have to report that income. If your boss has been paying you under the table they may also have tax and legal issues they need to address.

The use of 10K to buy the car in the United States won't trigger an issue, unless you are bring the physical cash. If you use a personal check or a cashiers check to buy the car the bank and the dealer won't have to report the transaction.

It is likely that you will not be able to get a loan at this time. Yes people who are actual contractors do get loans, but the still have to document the income to get a decent rate, and that can be harder to do compared to regular income.

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