I have 60k in college loans, just got out of grad school, an got a ok job that pays 35k. I need a new car, but the bank won't give me a loan because of my debt to income ratio. Help?
2007-08-28 15:34:17 · 8 answers · asked by William P 1 in Business & Finance ➔ Personal Finance
I need to know what to do in order for me to get a loan. I know you can't lower your DTI. Oh, yeah, I have excellet credit
2007-08-28 15:41:45 · update #1
you went to business school for 6 or 7 years and you are telling me you can't lower your dti -- if you buy a used car and put the difference toward the debt i bet you dti would be lower!!!
2007-08-31 09:56:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-27 21:41:22 · answer #2 · answered by Margaret 3 · 0⤊ 0⤋
I'm not sure what your after, the only way to lower your DTI is to either pay down some debt, or make more money. If you need to know how its calculated its your monthly debt payments divided by your monthly gross income. Try another bank. Just because one bank said no does not mean they all will. Good luck
2007-08-28 15:38:50 · answer #3 · answered by zib 2 · 1⤊ 1⤋
You have to pay off your loans to get a lower debt to income ratio, or get another job. You don't need a "new" car. Buy a used car, or get another job and buy one with cash. I have $20,000 in college loans, and I can't afford a car loan, either. I drove my grandpa's 1978 Chevy until we got our income tax refund money in March, and bought a van with cash (we have 3 kids). You gotta be creative, suck it up for a while...60k is nothing to sneeze at!
2007-08-28 15:47:09 · answer #4 · answered by Lisa 6 · 0⤊ 0⤋
With $60K in loans and only $35K income ,
You are looking at using the metro for awhile .
I recommend an apt within walking / bike riding distance .
Bet now you are wishing you had done a bit more work study and part time jobs !
>
2007-08-28 15:40:42 · answer #5 · answered by kate 7 · 1⤊ 1⤋
It might be possible to lower your DTI ratio by consolidating your student loans to lower the payments. Just be careful about the interest rate. Depending on when you took the loans out, the rate(s) on them may be significantly better than current interest rates.
2007-08-28 15:41:15 · answer #6 · answered by fenhardy 1 · 0⤊ 1⤋
you can try prosper.com
Beware of Advance fee Loan scams.
ALL so called "Private Lenders" who ask for fees upfront are
scammers...
my Advice: Don't deal with anyone from a foreign country and never use wire/bank transfer services.. you risk losing your $$ and your mind.
2007-08-28 16:33:34 · answer #7 · answered by Anonymous · 0⤊ 1⤋
You can get a car from a mom and paps car lot that holds their own paper. Interest rate will be high though.
2007-08-28 15:41:28 · answer #8 · answered by Thomas K 3 · 0⤊ 0⤋
Good Luck
2007-08-28 15:36:37 · answer #9 · answered by Anonymous · 0⤊ 1⤋