Auto Loan, Student Loan, & Financial Aid Help?
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I'm currently thinking of applying on all three this summer. I have a full-time job but seeking to replace with a part-time job to pay my bills and make room for school. I plan on applying for 2 loans: $10,000 for auto and another $15,000 on student loan. I have limited credit history of 8 months with a credit score ranging from 640-660 maybe even at 680 due to regular payments on my 2 credit card bills. I've had my current job for a year and a month but working here won't get me anywhere that is why I decided to further my career by going back to college. I am also currently applying for my financial aid as a full-time student to help out with school's tuition and expenses. I could probably deal with $400-500 a month payments for the two loans and I have minimal payments for my living and misc expenses. But would this be a good decision? I need experienced individuals to advice and give suggestions pls. Thank you very much!
Auto Loan, Student Loan, & Financial Aid Help?Well, a couple of things you might want to consider.
First, your credit score is in the average range so don't expect a very good interest rate, especially on an auto loan. With you credit rating as it is, don't let anyone try and sell you a car loan with an interest any higher than 7 or 8. If a dealer does, they are trying to take you to the cleaners. Find financing somewhere else if that happens.
Second: A bank is going to look at whats called your "debt to income" ratio. Its the difference between what you make and the payments you make on your debts and if they feel that your debt to income ratio will be too high, they they might deny you a loan or charge you high interest rates.
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