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How Many Car Loans Can One Person Have?

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It’s not just about the amount of money you have, but how much more you want. If you’re looking to buy a new car and are worried that your credit score won’t allow for it because of too many loans on record, we would recommend getting them off your report with debt consolidation or financial counseling.

Does having two car loans hurt your credit?

It depends on the type of loan you have. If you have a car loan with your bank, then it will not affect your credit score. If you have a car loan with a dealership, then it might hurt your credit score because they are more likely to report late payments and missed payments to the credit bureaus.

Is it dumb to have two car loans?

It is not dumb to have two car loans. Some people find it advantageous to have multiple car loans, as they can use one loan for a new car and the other loan for an older model.

What credit score is needed for a cosigner?

A cosigner is a person who agrees to help you borrow money. The credit score needed for them varies depending on the lender, but it generally ranges from 700-850.

Can you go to jail for selling a car on finance?

No, you cannot go to jail for selling a car on finance. If the person who bought your car doesnt pay you back, then they can be taken to court and sued for the money that they owe you.

Can you be denied a loan with a cosigner?

A cosigner is a person who agrees to be responsible for the loan if the borrower cannot repay it. If you have a cosigner, they will need to approve your application before you can get approved.

Is it cheaper to have two cars on one policy?

It is cheaper to have two cars on one policy, but it depends on the insurance company. Some companies will charge more for having two cars, while others may not.

Is it smart to pay off car early?

Yes, it is smart to pay off your car early. However, you should also factor in how much interest you will be paying on the loan. Interest rates vary from lender to lender, so make sure you know what your interest rate is before deciding whether or not to pay off your car early.

What is an excellent credit score?

A credit score is a numerical value that represents the creditworthiness of an individual or entity. It is calculated from information in your credit report, and its used by lenders to determine whether youre likely to repay a loan.

What is the average credit score by age?

The average credit score by age is as follows: under 18 years old – 718, 18-24 years old – 749, 25-34 years old – 766, 35-44 years old – 771, 45-54 years old – 770, 55-64 years old – 760.

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