OfflineI'm currently a Senior in High School and I am highly motivated about investing in Real Estate. In fact, I've read Dean's Be a Real Estate Millionaire Book and many others on the same subject.
I really like taking action, moving ahead, accomplishing my goals, helping others, among other things. Those are some of the reasons why I enlisted in the US Military (Army National Guard) and will be heading to college after I'm done with Basic Training and AIT.
I know I don't need good credit or even my own money to start investing if I use the right strategies. But my question is, once I turn 18 this year what will my credit score be AND WHAT ARE THE POSSIBILITIES OF ME GETTING A CAR LOAN so I can have some credit history??
Thank You!
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Just turning 18 won't create a credit report for you. The credit score is generated by the credit reporting agency(s) to give creditors an indication of the risk of lending you money. No report, no score. To get your first car for example you may be able to find a lender willing to loan you a portion of the purchase price of the car if you have a substantial downpayment, (25-30% of the price). You could also get a co-signor. Someone with good credit who also becomes responsible for the debt if you can't or won't make the payments.
There are stategies of depositing money in a bank savings account and then borrowing against the deposit at the same bank. They have no risk since the deposit is held as collateral. If you don't pay, they take the money from the account to pay the loan. Be sure to pay them back over six to twelve months so you have a history of making timely payments.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Thanks for your advice..I really appreciate that.
I actually have 3 checking accounts. As you mentioned, I am going to deposit most of the needed to buy my car into one of my accounts and get a loan against it. That way I could get the car and build up some credit at the same time..