"everyday life it’s still very prestigious place to be working at. Getting a mortgage or a car loan is easy, saying you work for Facebook gets you on the fast line."
I once felt that way but after leaving FAANG years later, I realized how snobby something like this would sound.
I’m not sure what this means. Getting a mortgage and a car loan was easy, a car loan approval took no time at all. Does working at FAANG speed this process up somehow?
That was not my experience - see my sister comment. Some companies advertise explicit perks to FAANG employees hoping to win their business, including things like waving fees. I don't know if they would have negotiated the rate down anyways but I was quoted at a better mortgage rate in part because of my employment.
Interesting. Different than my experience, but I was FAANG in Southern California, not the Bay Area.
We did have partners with all sorts of companies for discounts, so I would be surprised that there were discounts available, but it wasn’t like when you give your employee information when getting a loan they would do anything different. Now the travel perks were just being at FAANG we quite-nice and I miss those.
I’m not sure how it would, at least these days. Mortgage underwriting is, I gather, pretty formulaic now. There was a time where it was an advantage if the branch manager approved of you, but particularly after the last crash, banks started getting a bit worried about that approach.
At my FAANG company / Bank, in addition to just the paystubs being nice, it also did come with actual benefits including a lower rate on mortgage offers. I have no idea if they would extend them to anyone if pressed, but these kinds of offers tied to the company do exist.
Is it normal for a software engineer (or anybody who could afford it after saving for a few months) to get a loan to buy a car in the US? Is it worth it financially? Or is it to improve credit scores, maybe?
Ok, so the interests are so low that it does make sense financially? I often see ads for such loans that seem less advantageous than just saving and buying it cash, so I thought it was mostly for people who could not save fast enough.
Whenever I see a post talk about prestige, especially with a capital P, I can't help but think about Blind polls and prestigehunt. There's something about the word I can't take seriously...
Credit scores are based on how good you are at paying off your debits, and how consistent your paycheck is. They care about the numbers, not the names.
I once felt that way but after leaving FAANG years later, I realized how snobby something like this would sound.