does not have car title loan lying mortgage credit report?

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both the wife and I have a bad spot, he comes back to work after childbirth, and we only have one car, ive driven a motorcycle (he is not worthy enough to sell) to go to work, but his hours have changed, so we need the second car, as soon as possible. I do not want to go buy a $ 1000 for the Junker, because im afraid it will not be safe, or can brake down if we have a baby with us. I asked a mortgage broker and told to stop the house price range I can not take a loan or finance a car. We have the opportunity to buy a good car, about half the book value (grandmother just passed friends) and im thinking of getting a loan to cover the title, I need to get . I know that the interest is great, but we need a vehicle, now I need to know, aslong as the loan is repaid in full at the right time, if it shows on my credit in any way or form? (Incidentally, I’m good credit, but we want to enter the house and get public funding through the instant messaging program, I had to pay its debt to zero)

  1. Reply
    January 21, 2011 at 6:57 pm

    Like payday loans, car title loans are marketed as small emergency loans, but in reality these loans trap borrowers in a cycle of debt. A typical car title loan has a triple-digit annual interest rate, requires repayment within one month, and is made for much less than the value of the car.

    Buy the beater and do not even consider this. It is such a bad idea there are not words enough to describe how bad it is. Spend a little money and get triple A plus then you will have peace of mind if there is a break down. Far better than a title loan.

  2. Reply
    January 21, 2011 at 7:03 pm

    Taking out a loan of any kind is going to show up on your credit report and jeopardize your chances of getting a home loan. Do you have family you could borrow the money from? Maybe your friend would be willing to take payments for the car from you. Good luck.

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