I want to apply for a loan so I can get an electric car that costs $10,500. And when filling it out, I have to state where I live and how long I have been living here. The problem is, I haven't lived here long. I'm only 19 and I moved out of my dad's house for the first time and then moved into my own apt. where I lived for 1yr. After that, I moved back. So I have been living here for about 6mos. I want to know if there are any loan companies out there that don't necessarily use that to make the final decision. I ask because I applied for a "credit card" for Apple so I could buy a computer but I was denied. The representative said that it was probably because I didn't live at my current residence long enough. The point is, I am a responsible person and I should be able to get a loan and not be judged by how long I've lived at any one place. *Sigh* Any help?
2007-12-01 17:12:27 · 6 answers · asked by Jareth 1 in Business & Finance ➔ Personal Finance
Update: I have 2 credit cards. One has a $0 balance out of $500 limit. And the other is at $250 out of $1200 limit. I have had the same job for over 2yrs, and I am moving into my own apt. soon.
2007-12-01 17:40:14 · update #1
When turned down for a loan you can get a free credit report that will show what they see about you. At 19 and not really settled down yet you won't be seen as reliable. If you have had the same job a couple of years that will look better. You are trying to get deep in debt for someone living with their parent. Why not wait until you save the money since your cost of living should be low now. Ask your dad if you can borrow the money from him.
2007-12-01 17:24:58 · answer #1 · answered by shipwreck 7 · 0⤊ 0⤋
Beverly has the nearest reply. FHA offers loans for individuals who wish to are living within the condominium they're shopping. They imply to are living in it for a minimum of the following year. After that, in case your hindrance alterations, you're loose to hire it out. What you possibly going through is the conditions on provide cash used to your down fee and shutting expenditures. Some of the ones systems do stipulate an extended interval of time as an proprietor occupant and each and every one is distinct. I'm a Realtor, no longer a mortgage officer, so I would not have the entire equal skills that Beverly has. Since she focuses on FHA and VA loans, I'm definite she has performed regional systems with provide cash which caries designated recommendations. Do e mail her approximately it if you happen to now not have the touch knowledge of your fashioned Realtor or mortgage officer. I'm just about particular that what you're speakme approximately is provide cash.
2016-09-05 18:32:25 · answer #2 · answered by adamek 4 · 0⤊ 0⤋
The reason they use the length of time you have been at one residence, and how long you have been at the same job, is because it shows stability.
If you move or change jobs a lot, then you aren't stable and the risk of you defaulting skyrockets.
Most lenders consider 2 years at the same job and address the absolute minimum to approve a loan, but if you recently moved they might take into account how long you were at your previous address if you were there for a long time. Unfortunantly for you, you were only at your last address a year.
You might have better luck getting a loan if you have a co-signer for it. Maybe your parents would be willing to co-sign on the loan. Since they are basically promising to pay for the loan if you don't, only thier credit is used for making the decision to approve or not. But, be warned, if you default on the loan your parents will have to pay the loan off in full at the time of default.
2007-12-01 17:22:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
that last post has to be a scam I just got sent the same thing how come if the id is Ashley why are they calling themselfs richard banks??? SCAMMERS Report them. Also they have only been a member for a day so there old one obviously got reported to many time and they got kicked out
2007-12-01 22:47:01 · answer #4 · answered by Anonymous · 1⤊ 0⤋
If you really want to be a truly responsible person, you'll save up and pay for your computer and car with cash. You can wait to buy your stuff. Have some patience. Why would you want to pay interest to the bank?
2007-12-01 17:18:36 · answer #5 · answered by Debt Slayer 4 · 1⤊ 0⤋
for ur information..fully electirc cars can't go past 25 mph legally...the fastest i have seen was 40 something...
2007-12-01 17:47:55 · answer #6 · answered by Anonymous · 0⤊ 0⤋