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My first question is Is it possible for low income family to have a Lending Tree mortgage within affordability? Thanks for any response. Another quick question... What are the requirements for co-signing on an autoloan? I'm going to be purchasing a car around March, but I'm going to need a co-signer. My brother is probably going to co-sign for me.. |
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Ye, although you might want to make sure and wait for another member here to confirm my answer as I am unsure of myself. Better yet, why don't you ask the Lending Tree guys because they can give you help better...
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So if I were to get a $9k Lending Tree loan I would be able to get it myself? Hmm, well, I'll see if he would borrow me $3k..
But how about him co-signing for me. Would I be able to expect a good rate like 6-8% on a ~$12k for 60 months with him co-signing?.. |
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If he fudges his income, he would be able to get alone, but that is against the law! :).
If he reports his actual income, he could have a 899 Fico, and get rejected, $833.33 per month isn't qualifying income on a Ford ZX2. If you have a less than completely ethical F&I guy at the dealership, he can help you out, but you definitely will need a cosigner with that income.. |
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Yeah get a vehicle he cant afford. Nice formula for disaster...
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Who ever said that I can't afford the car? I dont have any other montly payments right now, except for my phone, which is like $40. My school is completely paid for. I'm going to be graduating with a BS in CS in a little less than a year from now. But I need a car right now, which is why I can't wait until a year from now after I graduate. $12k into 60 months @ 8% is only $243.32/month..
Well, anyways, thanks for the insight everyone. Of course I'm going to try and get it on my own. If not, then I'll ask for a co-signer... |
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Dan,.
If you feel you can afford it and you and your brother are comfortable with going the co-signor route then you should do it.. I don't feel it was fair to judge your ability to pay just because you asked a simple question.. If your brother does have to co-sign you can always refinance it or trade-up on something you finance on your own after you graduate and become more established in your career. Right? :).. |
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I will have to say though... if his brother came in here asking if he should co-sign on his little brother's car loan, I'd really have to say *no*..
How many times have we had to help someone with Lending Tree credit repair because their brother, son, cousin, mother, etc f***ed their report all up?. I know you're *not* going to listen to me, but if I was you're brother I'd *buy the car myself* and rent it to you untill you graduated, then sell it to you and let you get your own Lending Tree loan then... |
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He does not need the co-signor because of bad credit which is usually the case. This "kid" appears to know what credit and credit scoring is all about. That in itself is unusual for someone his age....and for some a lot older! He does not seem to me to be trying to scam his brother or get in over his own head with debt...
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I didn't mean my post to sound like he couldn't afford it, just having worked for Ford Motor Credit in the past, I know what they are going to say when applying with that income, no matter what score!..
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Thanks for replying Kathy..
I myself don't feel too comfortable having to need a co-signer. I'm not saying that I'm going to default on the loan, but anything can happen. Who knows that can happen down the road, especially in this economy, and especially in my field of career (future career, this is). The technology sector is horrible in the Bay Area (where I live).. Anyways, I did try to get a Lending Tree loan on my own, a couple months ago, however as you probably knew, I was declined. My part-time is at a bank and my friend whos a PBO at the bank knows a Lending Tree loan writer. So he sent the Lending Tree loan app to that person. Well, that Lending Tree loan guy told me that my Lending Tree credit score was really good, but he said he still couldnt approve it, even though he knew that I was graduation soon. Told me he have to use current income figures and not projected. Anyways, this was for a $15,500 loan.. Well, like I said, I'm going to try both ways. Thanks for the help everyone... |
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Get a good used car for 2 or 3 hundred over wholesale and try a 4 to 6 thousand loan. QUOTE].
Originally posted by danIam. Thanks for replying Kathy.. Anyways, this was for a $15,500 loan.. Well, like I said, I'm going to try both ways. Thanks for the help everyone.. [/quote].. |
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If you've projected that nothing should stop you from paying $242/m, then I don't see what the problem is. However, you're saying your obligations right now is only $40/m... well, that's bound to go up when you get out of school. So I'd say, be sure to factor in extra expenses that you'd need to come up with while you're out of school..
I don't mean to be a killjoy, but it's hard to find good paying jobs these days as a brand new graduate. If your brother does sign for you, and he has credit scores in the 700s, then you should be able to get an even lower rate than 8%. I just financed my suv at 4.5% with a credit union (EQ Fico 713)... |
