Can you have an auto loan and a student loan at the same time?
So I currently have a student loan where you pay it all back starting 6 months after graduation. I will be in my 3rd year of college, but considered a second semester sophomore in the Fall 2010. I commute and REALLY need a new car for the fall. I have two part-time jobs, one as a bank teller and another as a sales associate, and I am pretty sure I have decent credit. I have never been late on any of my payments ever. What are the chances that I would get approved for an auto loan? I am hoping to trade my current car in for $1,000 and put $1,000 down and I am looking into a car that is about $10,000. If anyone who is knowledgeable with this kind of stuff could help me out, I would really appreciate some feedback. Thanks!
Tags: auto, auto loan, Bank Teller, Graduation, Jobs Bank, loan, New Car, Part Time Jobs, Sales Associate, Same, Second Semester, Semester Sophomore, student, student loan, Time
1 Comment at "Can you have an auto loan and a student loan at the same time?"
This isn’t a game of chance, you earn the privilege of taking on more debt through responsible living. If you have good repayment history and verifiable income then most institutions should grant you a loan. I know you work for a bank but try a local credit union; they tend to be more flexible about making consumer loans, especially to college students. You should be fine.