When filling out a auto loan application, will it hurt me to say I live my parents?
SadieAnn_1917 asked:
I have the option to say rent or not. Will this hurt my chances?
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on Saturday, July 25th, 2009 at 9:10 pm and is filed under Car Loans.
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I have the option to say rent or not. Will this hurt my chances?
July 28th, 2009 at 12:55 am
No, it really doesn’t matter either way. The banks go mainly on credit score. If your score is good it doesn’t matter where you live. If your credit is low every thing CAN matter.
July 29th, 2009 at 10:41 am
i dont know
July 29th, 2009 at 7:10 pm
No, because it would show that you have one less expense.
August 1st, 2009 at 2:21 pm
No, it would help if you have some longevity living at this address.
August 3rd, 2009 at 4:02 am
No. They just want to know, how much money you make.$$$
They may want daddy to co-sign, if you have no credit.
August 3rd, 2009 at 9:36 pm
Depends on your net income as compared to amount of your loan. You don’t want to put down you are paying rent if that will then leave only a small percentage remaining for your car loan. They want to know that you can always keep up your payments. Your auto loan should not amount to more than 20% of your income. Be sure that what is remaining will easily cover all your other expenses before you decide to add in rent as a payment obligation you also have if you decide that is what you want to do. The fact that you actually live with your parents will not hurt you at all. I find it is best to tell the truth whenever possible.
August 7th, 2009 at 12:20 am
no but it will hurt the insurance.
August 9th, 2009 at 1:17 pm
it really depend on your credit score but it will help if you dont say you live with your parents say you rent and how much you pay because this can work in your favor on the car payment you dont want too high or to low but in between
August 11th, 2009 at 6:39 pm
no it would defiantly help, to them its just less bills and more money for them to charge you and help establish a determination along with your credit score
August 14th, 2009 at 11:07 am
Loans are about the math ,
About the ability to pay ,
About your job / income & current debts / liabilities .
They do Not care if you are living with mom .
>
August 15th, 2009 at 2:37 pm
No, it helps.
They will still average out at least $250.00 month you pay your parents.
Its alot cheaper this way.
August 16th, 2009 at 2:57 am
No, the place where you receive your loan does not care where you live – only that you can repay the loan.
However, if you are under 25 years old, DO get on your parents’ auto insurance policy if they agree to this. You will get a MUCH better rate if you do.
And again: PLEASE NEVER respond to any “offers” you get on Yahoo! Answers. I’ll wager dollars to donuts that they are ALL scams.