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| *Loan,banking and credit>>>auto loan |
How much credit can I have? I have a $42k auto loan, income of $95k annual.? |
I also pay mortgage, around $2300/mo, around $860/mo for the car. Income is $95k/yr and about $8k/mo. I know that lenders tend to have a limit of some percentage of your income allowable to be used up in credit, but what percentage is that? How much more credit can I take for another car? You're nuts man! You took on a huge debt to pay for a car you didn't need to impress people you don't know! How much ya got in the bank? How much in stocks? You're spending hand over fist and you're asking for trouble. You should read some good books on money management. If I were you I'd re-examine my spending habits. You don't need to keep up with the Jones's. I've met them and they're broke! You must have something on the ball to make that kind of income. Use your brain to figure out how to create some lasting wealth instead of worrying about how much more you can borrow for another flashy car. You can get a real nice used car for 10 grand or less. Smarten up bunny! You should be talking to a reputable credit firm about this. Credit lenders suggest no more than 30 percent of your income should go to housing (mortgage, rent, electric, gas etc). As far as the rest goes, I'm not sure. It seems that you have the income to pay for another vehicle, but that is not for us to decide here. You need to speak to a reputable lending agency. You can also ask your bank their qualifications, so that you could figure out on your own if you would have the income available according to them before having your credit pulled which could lower your score. As little as possible, most credit is just cash out of your pocket. Cars are different from real estate but your debt to income ratio, in mortgages, generally runs from 42% up to 55%. There are several different programs that will not take the ratio into consideration. They will be either stated/verified, stated/stated, no ratio or no doc loans. You will pay higher rates in most cases unless your loan to value is low and credit score is high. http://www.myarizonahomemortgage.com... http://www.azspotlighthomes.com... Payments past 60% of your monthly take home pay is considered a risk. ================ |
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