TYLER143
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 11 Sep 2005
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ok here is my situation...Im pretty new to credit, I have opened up 2 phone contracts and a credit card in an attempt to establish a credit history...and haved payed them off religiously every month...now I WANT STRAIGHT ANSWERS, how do car loans work? I get from some people that you need a good FICO score + good income to get a let's say 70,000$ CAR LOAN, and then I get different answers from some people that it's a good FICO score only...can somebody tell me the truth? Is income a factor or do car dealerships only pull up your credit and make a decision based on it? Thank you somebody explain to me in detail how it works.
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Sun Sep 11, 2005 4:47 am |
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Rolo
Yo' Daddy
Cash: $ 309.70
Posts: 1551
Joined: 13 Mar 2005
Location: Colorado/Florida
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Your credit history will predominately determine your interest rate for the car loan. When I bought my first vehicle at 19, my interest rate was shocking, so I paid cash. I do not recommend getting a car loan with high interest and if you absolutely must, then go on the cheap until your credit history is established.
Your income will largely determine how MUCH you can borrow.
Good on you for establishing credit responsibly....don't get lulled into carrying a balance.
Get some department store credit cards to establish history until you are "worthy" for a good major credit card. I do not think phone contracts are reported...unless it is something bad (mine aren't in my credit history).
Do your research on buying a car...they will sucker you on the price and on the loan. Make loan arrangements with a creditor before you shop.
"Expect me when you see me."
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Sun Sep 11, 2005 12:55 pm |
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