I have a quick question. I am in need of a student loan to pay for school and other necessities. I am also in need of a car loan? I am wondering what should i apply for first? A student loan or a car loan? If i get a car loan will that effect my process of getting a student loan? Or is it the other way around having a student loan when applying for a car loan? Any thought would help. Thank you for your time and ideas.
Would having a student loan affect me getting a car loan?
You should be okay either way, unless you do not pay on the loans. I owed a lot on credit cards but made my payments as promised, it did nothing to my student loans. Plus, I didn't have bad history with other student loans. You should be okay.
Depending on how much you will get in student loans and how much you need for school, etc., if you can get the student loan first, see if you have enough to get the car or enough to put down on a car.
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Reply:When you apply for a student loan through the federal government no credit check is required. So, even if you have bad credit, your income to debt ratio is bad, etc., you will still get your student loan. Car loans will look at all those things.
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