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How much do my personal finances affect my chances for a loan?

    • 12 posts
    December 4, 2012 10:08 PM EST

     

     

    I would advice you not to apply for a few loans at the same time. That’s a kind of situation where you have to make a choice and decide, what you need more – a new car or a startup loan. That’s why it would be more wisely to do your best to get a start up loan and then, when your business will bring some money, you will be able to buy a car without taking out any loan. You have to be financially confident to afford 2 loans, sometimes it’s not the best option and people get deeper in debt and use no fax payday loans to pay back. That’s why be cautious and patient and try to make smart financial decisions. Good luck!


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     I am totally agree with MilaRay's view.According to me, before taking few loans , contact financial planner because of he will give good adice.

    • 8 posts
    December 3, 2012 8:20 PM EST

     

    I would advice you not to apply for a few loans at the same time. That’s a kind of situation where you have to make a choice and decide, what you need more – a new car or a startup loan. That’s why it would be more wisely to do your best to get a start up loan and then, when your business will bring some money, you will be able to buy a car without taking out any loan. You have to be financially confident to afford 2 loans, sometimes it’s not the best option and people get deeper in debt and use no fax payday loans to pay back. That’s why be cautious and patient and try to make smart financial decisions. Good luck!

    • 1 posts
    December 12, 2012 2:25 AM EST

    Hi Matt I just saw your post. I thinks personal finances can have a big affect on weather you qualify for a loan. I have seen a couple websites that offer free applications for government grants that you don't have to pay back. Have you looked into this?

    • 12 posts
    December 13, 2012 3:00 PM EST

    It won't hurt your credit score to take out more loans, it actually will cause an increase in your credit score as time passes.  However, it will affect your debt to income ratio.  A car installment loan will be looked at the same way a home payment is looked at in terms of a creditor.  They will add it to the amount you owe each month in determining whether you can afford to pay back the loan.  My advice would be to get the most important loan first, and then (assuming you can afford it) get the second loan if possible.

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    The Money Track
    Independent Financial Advice & Personal Financial Planning

    • 101 posts
    April 4, 2009 11:16 AM EDT
    I`m in the market for a new car. I saw a Toyota Yaris: small, fuel efficient, and only 13k MSRP. Ordinarily, I`d jump into the purchase head first. A friend of mine is the salesman there, and I can get a deal. However, these aren`t ordinary times. As you all know, I`m looking to get a loan for my upcoming cafe. The cafe will ideally be funded on a business startup loan. The car would require a personal loan. My question is, will having an outstanding 12-13k loan kill my chances for a 100k business loan? My credit is excellent - 726 last I checked. I don`t want to shoot myself in the foot over a new car. Any advice would be appreciated.

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    Making limitless possibilities much more limited.

    • 101 posts
    April 7, 2009 4:32 PM EDT
    It`s going well - I`m actually in a position where I`m comparing loan offers, and not begging for loan offers. It`s an empowering position. I have an investor of 15k, I have one unsecured loan offer of 75k, and I have a traditional loan from my own bank that wants me to have 25% equity, but has no upper cap. The location is my current challenge. I thought the cash would be the hard part. The cash is easy with a good idea, and apparently I have one. The location is so crucial to my success, being a university-centric social cafe, that I really can`t afford to settle for anything less than perfect. I`m taking my time, not jumping into anything, and I`m going to put my consultants` 35 years of expertise to the best use by following their suggestions to the T. 90% of small businesses fail, and I think it`s because 99% of the people I`ve talked to seem to want me to rush. If people are inclined to rush, I can imagine the failure rate. Slow and steady - it`s winning my race.

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    Making limitless possibilities much more limited.

    • 1 posts
    November 26, 2012 12:56 AM EST

    What you are doing is a good thing. Being patient to certain things is a must especially with putting up your business. Yes location matters if you want your business to click. Do a lot of research first before starting it. Goodluck!

     

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