Which is judge harder against credit, a car or an apartment?
Sep 03, 2009
in
Commercial Mortgage FAQ
If I was qualified enough to finance a 000 vehicle does that puts me in a good position to be qualifies for an apartment for 9/month.
My monthly income before taxes is 76.
Gross is 2038. Taxes are eating me alive.
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4 comments
MBATXguy on September 3, 2009 at 9:17 pm
I have to disagree with the comment about the car… When you purchase a car, the company simply pulls a quick glance at your report with a credit score…. If your score is above a certain threshold, you have good credit.. These days, financing companies find anyway to get you into a car.. That is why you are charged higher interest (if credit is not perfect). Now, with that being said, most apartment complexes will look at how much of the rent can you afford utilizing rent multiplier factor.. Also, they look at a % of good/bad credit versus overall.
For instance, your apartment is $599. Most complexes require anywhere from 2 – 4 times the rent.
Thus, your monthly GROSS income would need to be at least 1198 (For 2x the rent) or as high as $2396 (for 4x the rent)…
Hope that helps you out…
wrebaza on September 3, 2009 at 9:17 pm
Car!
bostonianinmo on September 3, 2009 at 9:17 pm
Depends upon your income. Without knowing that, can’t answer your question.
bcyouletme on September 3, 2009 at 9:17 pm
You have more wiggle room with cars these days, which shocks me. You can get a car loan with good income and bad credit. It’s possible to get declined for an apt with bad credit, or they can impose a larger security deposit or a cosigner. The better question would be what is you income and what does your credit report look like. Good credit, you’re probably fine. Bad credit…..