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What are the chances of getting a $50,000 student loan?

What are my chances of getting approved for a car loan?

  • Hi, I am 19 years old, and I will be 20 years old in about 3 months. I have an experian credit score of 721, and I have been at my job for over 2 years. I make around $1600 a month, and I live with my parents, and contribute no money to the household, because currently I am also a fulltime student. Well I have a good credit score, and I have had my stable full-time job for over 2 years. I plan on getting another car. Also, I attend college and receieve a good amount of scholarship money and financial aid money. Also, I am eligible to qualify for a student loan if I ever do need it in the future. Anyways, do you people believe I am eligible for a new 2010 camaro with a credit score of 720 and a stable job for 2 years. Thanks for your advice. I would like responses from people who have experience dealing with this type of issue. Also, I dont want to use any cosigners because I like to depeond on myself. Thank you.

  • Answer:

    You might have a credit score of 720 and above, but the bank sees you as a first time buyer. You might need a co signer for the loan. Bank will only take about 18% of your gross incoming for a car payment. You might have to start at the entry level car instead of jumping up to the Camaro.

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There are a ton of programs out there for you. You should check out this website http://www.100overinvoice.net . You can buy any new car for $100 over the dealers invoice. They can help you with financing also.

Kirk S

A 2010 camaro is a bit rich for your income. The fact that you live with your parents and get scholarship and financial aid money doesn't really matter. It comes down to debt to income. Im not sure what the exact ratio they want is but that's what will probably get you declined. Id suggest more modest wants for now.

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