My son is 16 years old, my daughter 13 years old. I'm living in an apartment, my car has 120,000 miles on it. The business I own is growing. Should I buy a house,take a mortgage, deduct the interest, and put $25000 down? Should I buy a new car to replace the old one that is dying? Will buying major assets increase or decrease my ability to get loans to pay for their college education?
2006-10-18 10:23:10 · 3 answers · asked by hottotrot1_usa 7 in Business & Finance ➔ Personal Finance
Buy the house if you can afford it. There is always a way to pay for college. You will qualify for federal loans for your child's tuition. Your child may also have to take out loans to pay for college. Do not let your child settle on a community college just because you don't think you can afford college. Like I said, there is always a way to fund education. It sucks graduating with some debt, but it beats the hell out of not having a college degree.
2006-10-18 10:45:45 · answer #1 · answered by ? 3 · 0⤊ 0⤋
Generally anyone can get a loan. It's the scholarships and grants that care about your income and assets, but mostly your income. If owning a house or car ends up being a problem, you can always have your kids apply for the actual loan and just pay it for them, though you may not be able to deduct it from your taxes then.
2006-10-18 10:29:14 · answer #2 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
If he has a low earnings pastime are you advantageous he can preserve any funds? Is it available to sell or provide him yet another motor vehicle (possibly your previous motor vehicle or somebody else interior the family contributors have one greater?) that would extremely help him the main. He does not want the greater financial pressures and you do no longer want the credit exposure. That being suggested, if the only way you spot to help him is to co-sign and you're advantageous you prefer to do it.... and you prefer to purchase a motor vehicle for your self, guy, looks you're happening a ledge here..yet, i could say to purchase the two vehicles on an identical time. A dealership can get you authorized at greater suitable than one finance source and settlement 2 notes in the previous the banks understand approximately one yet another. It must be carried out on an identical time or interior of a pair of days of one yet another. it rather is a sneaky thank you to do it, yet I truthfully have seen it carried out. back, i recommend against it...yet you recognize greater advantageous the situation and your tolerance for exposure. think again all thoughts first. sturdy luck
2016-10-02 10:42:18 · answer #3 · answered by elidia 4 · 0⤊ 0⤋