Hi guys,
I was wondering after reading so much about how some people can get turned down, do you think i should get a co-signer because my credit is still young and i haven't owned any property yet. Also do credit bureaus look at your school loans? Because i'm am currently a Senior in college and i am afraid that the school loan might prevent me from getting my evo IX. Can someone tell me if having school loans can have an affect on my chances of being approved? also all i have is three credit cards and the balance is zero on all of them because i payed them off. I payed one of them off over the course of a year but I was never late on any of them. I also know that an evo is not a cheap car to maintain but I make about 2,100 a month after tax so i think that might be good enough. Thanks guys. Any advice from you guys will surely help. Any additional help will be greatly appreciated. again thanks.

 

Anything that effects your debt to income ratio will factor into getting a loan. So yes school loans will be taken into account.

 

school kills meeeeeeeee.... 30k a year for "nothing"

 

but in the end a college grad is suppost to make 1m more than a non-college person in an entire lifetime

 

it's gonna depend on your credit score and how long you have worked at your current job, I have close to 40k in school loans and was making 2500 after tax but i was able to get a loan for my car cause of my credit rating. Also, probably should wait till after you graduate and have found a job pertaining to your degree unless you plan to work where you currently are after graduating.

 

Unless you are paying your student loans back now, then the student loans will not hurt your credit score. The reason is that the student loan will be listed as "Payment Deferred." Of course that is just the credit score. Lenders might look beyond your score and realize that you will eventually paying this loan back. I'm not a lender so I don't know how they look at these things in that respect.

 

I thought about graduating first but it's so tempting, plus i have worked at my work place for over five years. It's a very good and flexible job for a college student. If I don't get the loan on my own, i'll get a co-signer, also i have 5,000 that i'll put down as a down payment on the IX. hopefully i'll pass for the loan. thanks.

 

i wonder can someone with good credit scores be yoru co-signers and you have couple thousands in hand. but your credit scores is really bad and you always late payment...but if you got a cosigner with goood credit scores then that's goood right?

 

Paying your own loans will make your credit better. If the loans are in your name it will help. Just as long as you pay them on time. Close/inactivate any CCs you do not use! Open credit will make your credit rating lower. Leave at least one CC active though. The credit report looks at how much open credit you have over how much you owe on the CC it's self. A co-signer will help, if you can do it without it's just going to be better for your credit in the long run although I would not worry about if you did have a co-signer. Getting small loans and paying them off faster than the time given is an great way to boost your credit. One of the best ways in fact.

 

Yeah... if you have great credit, bring home $2500 after taxes, pay $2000 a month in bills. You can be left with $500 and still buy a car that will cost $400 a month. Which leaves you with $100 for yourself a month. Crediters, banks, etc. don't care if you can't eat... good credit is the key.

 

Can i have the car under my name even if i have a co-signer, and does the co-signer and myself both benefit, i mean who gets the building blocks of good credit here...i heard both parties do...but i may be wrong.

 

I mean, if you have a co-signer with excellent credit... as long as there are no NEGATIVE marks on your record, and you and your co signers debt to income isn't "bad" then you'd be bueno.

 

Maybe...i should add this in...the co-signer of my ride will be my uncle because he owns a gas station in minnesota so he has rock solid credit...i hope my interest rate is low with him and there are no negatives on my credit score because i haven't missed payments...pay everything on time hopefully i'll be in a tarmac black IX this summer..thanks to all those who reply...

 

You and the co-signer would both be on the papers for the loan, you would both benifit if all payments were made. It also works the other way though, if you dont make the payments your cosigner would be asked to pay and it would effect both your credit scores negative.

 

be careful though... the evo is way more expensive then just the monthly payment. i make considerably more then you (2x), and have considered selling the evo just to catch up on everything else. my rent is about 1/4 of what i end up spending on my evo every month, not including mods. my insurance wont be bad, 900 every 6 months once i change from progressive (doing the defensive driving course right now for discount). the payments are 500 every month (i put nothing down, my interest rate is now 4.75% after refinancing). but here are the real kickers!!! i estimate i spent about 200 a month in gas simply because it is not very fuel efficient, and i don't even drive that much (15k a year). if you stick with stock tires, they wont last you long if you use the evo for what it is ment for (track days, autocrossing, etc.)... i estimated if you stick with stock tires you are looking at about .10-.15 cents a mile just for rubber, which is damn close to the cost of gas. and we all know it is impossible to keep the car stock.... so whatever else you will spend there.


if your parents are covering all your other expenses (food, rent, bills, gas, insurance, "allowance") then by all means buy the car. but remember if you are on your own, the killers are the hidden expenses for the evo and they are pretty bad. i easily end up putting over 1k a month between car payment, insurance, gas, rubber, and other mods in the evo. its a pain but i have to admit it puts a smile on my face every time i get in it