[Z06] Need help securing a loan
Banned Scam/Spammer
Joined: Sep 2016
Posts: 4,004
Likes: 3,929
From: Philadelphia PA (Birthplace of the USA, UNESCO World Heritage City)
That isnt bad advice, but it wouldn't be living outside my means. I'm getting a car to diversify my debt. I need to have a car loan in the books. I'm graduating in a year and a half and want to have my credit ready for the rest of my life. It'll be even harder getting a mortgage if I haven't shown anything but CC's and my student loans. So in short. Want a fun car before I have a wife and kids, doubles as a boost to my credit, profit?
While making timely payments may help your credit score slightly, having additional debt will lower it, not to mention lower the amount a lender will let you borrow (debt-to-income ratio is one of the key parts of a mortgage application).
I only had student loans and credit cards after college and my credit score at the time was high 700s, plenty enough to get me the best interest rates lenders were offering.
I would also suggest visiting https://creditboards.com/forums/
If this is your reason for justifying the loan and purchase, it's a really bad one.
Last edited by ArmchairArchitect; Jan 30, 2017 at 01:23 PM.
1st Gear
Joined: Feb 2017
Posts: 1
Likes: 0
In addition to your score, banks also take into account your income. 1.5 years left of college puts you at what 20/21? Sounds like the bank has determined you can't afford this car. Save up more towards a down payment or lower you standards. Plenty of Z's you can still have a blast in under $20k.
We all make bad decisions at your age. Being 21 isn't the only time you'll be able to have or enjoy a Z.
We all make bad decisions at your age. Being 21 isn't the only time you'll be able to have or enjoy a Z.
Thread Starter
Heel & Toe
Joined: Jan 2017
Posts: 21
Likes: 0
From: San Antonio TX
In addition to your score, banks also take into account your income. 1.5 years left of college puts you at what 20/21? Sounds like the bank has determined you can't afford this car. Save up more towards a down payment or lower you standards. Plenty of Z's you can still have a blast in under $20k.
We all make bad decisions at your age. Being 21 isn't the only time you'll be able to have or enjoy a Z.
We all make bad decisions at your age. Being 21 isn't the only time you'll be able to have or enjoy a Z.
