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How does a 21-year-old student with good credit who lives at home and has had a part-time job for 3 months and has a 10K down payment get a 20K loan for a car?
Wiki User
∙ 8y ago
If you have good credit, a good paying permanent job, and no other liabilities, you should just go to a bank or auto dealer and apply for the loan. Do not do business with any finance company, or a place that caters to people with bad credit. If you can't get a loan, then purchase a car you can pay cash for and work on building up good credit.
In the UK you would need to find a guarantor. Someone, such as your parents that would guarantee to make the payments and become liable for the loan if you defaulted.
I don't think you should have much problem getting a $20k car with $10k down payment. Most car salesmen dream about people like you! Just make sure you get the best deal you can!
The first responder brings up a good idea. Don't go to "bad credit" places and get a loan there if you are unable to get one at a bank/credit union. You should be able to get a 20k car if you have 50% downpayment and a steady job. However, if you go to a bank/credit union and they decline you, consider asking if you can get a loan for a lesser amount (closer to 10k) while using the downpayment as collateral on the loan. In other words, getting a 10k car while using your 10k as collateral against it. It may sound dumb, but it's a great way to build credit for future purposes.
If it was me, I'd just pay cash for a car at 5k or so and use the other 5k to save up for a better car. You'd be surprised how enjoyable it is to be able to go to a car dealership a few years from now and pay cash for a 20k car :D
Wiki User
∙ 8y ago
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How will a deferred payment look on your credit?
If it is a student loan, there will be a statement on the credit report. It will also show the date that payments were deferred.
Can sending a letter to remove student loan late payment help your credit score?
You wish....
What would be the best thing for a college student in credit card debt to do?
The best thing for a college student in credit card debt to do is to contact a debt consolidation company to help workout a payment plan that the student can afford.
If cosigners for student loan miss a mortgage payment will this affect student loan?
As long as loan stays current, credit & other obligations irrelevant.
Will a private student loan that is currently deferred negatively affect your credit score?
It will appear as an obligation and as such limit the amount that will be considered for total monthly payment. No I don't think it will affect your your credit score.
Does forbearance on student loans affect individual credit?
I was told by my student loan company (a direct loan from the U.S. govt) last year that even if I did not apply for a forbearance and still did not make a payment, the company would not report to the credit card companies until the payment was 90 days late.
If a defaulted student loan is consolidated with repayment at 0 does this affect credit rating for non-payment?
No, if you receive an income sensitive repayment plan after consolidating and the payment is $0 because of your dependents and income, then it will not adversely affect your credit score.
What are the penalties for not making a student loan payment on time?
Penalties you can face when not paying your student loan payment on time are late fees, if a loan is turned over to a collection agency you can incur collection fees. You are also reported to the credit bureaus which can adversely affect your credit rating, in some cases causing you to have difficulty obtaining credit for purchases such as a car or home or other financial loans.
Can you pay a car payment by credit card?
The web site, www.chargesmart.com, lets you use a credit card to pay for auto loans and leases, mortgages, utilities, and student loans.
What is credit payment safe batch?
credit payment safe batch
Why would one want a consolidation of their student loans?
Consolidation of student loans offers the opportunity to reduce interests costs and loan payment simplification. Having to deal with multiple lenders can be confusing and can cause mistakes in payment that would adversely affect credit ratings.
Is it possible for a student to get a mortgage with a partner that is already employed full time?
Yes, as long as there is enough income to support the payment. If you as a student do not have any income, the other person will have to prove the income to support the new mortgage payment, any loans (car,/student loans), credit cards in both names and the taxes & hazard insurance.
