Income to Debt Ratio – Auto Loans?
September 2nd, 2010
I have just paid my last auto lease payment. (total loan ,500) I will need to return my car next week and apply for a new loan to either purchase the car or purcahse a different vehicle. My income to debt ratio is 70% with this current loan on my credit report. (Similar % to when I got my car 36 months ago) Will this current loan, that I just completed, still show on my credit report and effect my income to debt ratio?
IE: It show I have ,500 credit line and now I want a car for ,000 and it soars my income to debt ratio to 100%.
How does that all work with secure loans?