I heard that it was easier to get a loan on a house than a car.
2006-11-26 14:14:32 · 12 answers · asked by Babygirl 2 in Business & Finance ➔ Renting & Real Estate
Right now it is kinda true. home loans take alot more paperwork cars take alot less, but you can have a much lower credit score and still qualify for a house than you could going for a car. It is a buyers market baby!!!
2006-11-26 14:18:04 · answer #1 · answered by Thats It I'm Done 3 · 0⤊ 1⤋
The bank looks at risk and many factor impact risk. It depends on how much you finance in relationship to the value of the item you use a security, your credit history, income, etc. In general, if you finance less than 80% of a house value the bank takes a very small risk and will most likely insure the house. Car can be used as a security for car loan but are much harder to reposes if the borower does not pay and may loose value if damaged.
2006-11-26 14:19:47 · answer #2 · answered by Dror 1 · 1⤊ 0⤋
Definitely false.
Know any used home dealers that offer on the spot financing - WALK AWAY WITH A HOME TODAY? NO!
The credit requirements for a car loan is much less than that for a home.
The risk that is involved with lending a large amount on a home is much greater than that of an automobile - in most cases.
I guess, for arguments sake, if you were trying to finance a 2007 lamborghini gallardo ($190,000) versus a $100,000 home, then it might be more difficult.
2006-11-26 14:21:21 · answer #3 · answered by On the rocks 2 · 1⤊ 0⤋
yes It seemed that way for me.
you can skip with a car but it is hard to hide a house.
And a car lossed value as soon as you drive it off the lot. The house does not and has a better chance at increasing in value if you default on the loan
2006-11-26 14:17:56 · answer #4 · answered by G L 4 · 0⤊ 1⤋
Guess it really depends upon your credit report and how much you can pay down - or at least that has been my experience.
2006-11-26 14:16:40 · answer #5 · answered by Marsha 6 · 1⤊ 0⤋
yes, the house has a better positive future value and cannot be stolen adn disappear if it has to be repossessed
2006-11-26 14:21:26 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Yes. Especially if you are a first time buyer.
2006-11-26 14:16:16 · answer #7 · answered by TodboT 3 · 0⤊ 1⤋
yes its true. houses are better collateral thna cars.
2006-11-26 14:16:33 · answer #8 · answered by I know, I know!!!! 6 · 0⤊ 1⤋
Babygirl Your big news here...
:)! http://www.osoq.com/funstuff/extra/extra02.asp?strName=Babygirl
2006-11-26 14:32:17 · answer #9 · answered by mqg p 1 · 0⤊ 2⤋
yeah
2006-11-26 14:16:15 · answer #10 · answered by confused 2 · 0⤊ 1⤋