Delinquent Student Loan Payments?
If you are delinquent on your student loans can you still get a car loan? I haven’t been late yet, but I know the day is coming as I am having a hard time finding a job since graduating from college.
I know if you can afford a car loan you can afford student loans, but I know most people don’t ever pay their student loans and the government will just start taking your tax refund each year.
I also know some places look at your credit when considering you and do not include medical bills or student loan bills since most people don’t pay them anyways (or so I am told). What do you guys think?
I actually just bought a car in November and you don’t even want to KNOW how much my student loans are! LOL It is true that most places don’t even consider student loans and medical bills when assessing your credit application. However, there are a number of reasons you don’t want your student loan to be delinquent for any significant period of time…too many to list. (But just to START, you can check out the Dept of Education’s website: http://www.ed.gov/offices/OSFAP/DCS/default.html) If your loans are with Sallie Mae (I’m CONVINCED they are first-cousins to SATAN himself! LOL), there are a number of additional repayment options they have, if you’re having trouble repaying. The big key to remember is that your student loans will NEVER GO AWAY! So do what you need to to try and stay on top of them.
Nevertheless, as it relates to getting auto loan credit, if you don’t have any other negative credit besides student loan delinquencies, you’re probably fine. Being a member of a credit union will be a GREAT resource for you, as well.
Hope that helps…
