I currently make 70k In 2008 my next raise will be 80K. I will pay off all my other bills. My only bills will be reoccurring bills like electric and water.
2007-09-04 04:33:23 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I'm estimating my monthly income in 2008 to be $4814 a month (based on paycheckcity.com). My total monthly bills in 2008 will be down to $2308. I've had the equity loan for a while will pay off completely in 6 years. I don't have the car yet and was curious how creditors would look at it. It is interesting how people automatically assume I have bad credit. I have average credit lol.
2007-09-04 06:02:52 · update #1
Not really, the only thing that would get in the way of the car loan would be your credit scores and if you were putting down any downpayment on the car.
It seems that your car payment will be close to 900.00 per month if you have a rate of 7% though. Here are the calculations that you should perform to see if a 45K car loan is the best decision for you. Add the following numbers and divide into 5,833.00
1. 1st mortgage payment (principal, interest,taxes,insurance)
2. Equity loan payment
3. 850.00 car loan payment per month for 5yr loan
4. any other monthy debts
If the answer is above 45% then you are starting to tread into dangerous territory. Most of the financial disasters you are hearing about relating to mortgages these days are from people that had levels of debt close to 45-60% of their total income. Michael Jordan has a 50K car too but he makes 30 million per year! You can absolutely afford the car at this moment in time however. If you are still wanting to get the car try to get one that offers 0% or 1% financing at least!
2007-09-04 04:55:27 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It ALL depends on how good your credit is. Wouldn't make more sense to pay off the Equity loan then get you a nice car. No offence, but it appears that you, like most of America is doing its best to get in as much debt as possible.
2007-09-04 04:43:47 · answer #2 · answered by logank1469 2 · 0⤊ 0⤋
It all depends on your other monthly obilgations. Banks don't like to see total fixed living expenses above a certain percentage of net pay. So if your HELOC plus mortage, plus other credit cards and living expenses exceed a certain number, they would not process the loan. Unless your mortgage is very high, you should be fine.
2007-09-04 05:18:10 · answer #3 · answered by Jay P 7 · 0⤊ 0⤋
Hi friend ....Getting loan is now a days is very easy even with bad credit... Just try out at any bank..Just take look at the link below to get free quote
2007-09-04 04:54:19 · answer #4 · answered by Anonymous · 0⤊ 1⤋
sounds line you are getting into to much debt and eventually
your credit will be maxed out and when you have an emergency you won't be able to get a loan because you'll be
maxed out.
2007-09-04 05:52:40 · answer #5 · answered by Anonymous · 0⤊ 0⤋