John S asked:


I don’t know my credit score, but I can give you some details. I have been working out of college for 7 months. I make $32000 a year. I have been paying rent and utilities for 27 straight months without any late payments. I also have student loans, of which I pay $55/month and my parents pay the remaining $120/month. I have one credit card with a $1000 limit and never missed a payment and owe $0. The only other thing I pay for (other than usual groceries, etc) is car insurance.

What are my chances of getting a $12-13k loan for a car? If it helps, I will be putting $5k down on it. I may also chose to go private sale for the car, but will still need the $12-13k loan and pay the difference in cash.

ALSO, important…I won’t have a cosigner. I don’t have anyone who can cosign for me.
Thanks everyone for the initial responses. I have already resorted to the fact that my interest rate is going to be a little high. If I could get a rate around 10-12% then I should be good with the monthly payment. I calculated using 10% and was under my threshold payment-wise. I figure if I put 30% down on the cost of the car (minus taxes, title) then I shouldn’t be upside-down on the loan.

Louis

Jessica B asked:


My parents took out a home equity loan on their home 7 months ago and didn’t quite understand what they were doing. They are on a fixed income and now have a payment they can not afford. Their home was appraised at 108,000 and they took out 35,000. They owned their home with no payments before this. They have fallen behind on payments and need to refinance the loan. but with todays market I’m afraid that won’t be possible. any ideas?

Caffeinated Content

Kenneth D asked:


My wife had no credit when I got the loan, but she has credit now and I want to add her to the loan, but to do so I will have to refinance. This could hurt my score? But could help my intrest rate. (Currently 13%) May credit has also gotten better since the loan. It’s been 7 months now, I heard I should wait until a year.

Andrew