2007-03-06 03:13:38 · 4 answers · asked by UNIQUE2547 2 in Business & Finance ➔ Personal Finance
You can, but it's not wise. Any credit inquiries will lower your score even if it's only by a couple of points it could hurt you. Wait until the ink dries on your home contracts then go out and buy a car.
2007-03-06 03:37:24 · answer #1 · answered by ? 7 · 0⤊ 0⤋
Decide which you want more right now and go with that.
You can purchase a car in cash, yes. But if you finance it, the inquiry can drop you a few points, and if the car loan makes it onto your credit report before closing on the house, it can dramatically lower the amount you qualify for.
A $300 car payment might get you a $15K car. But $300 on your house can make up $60,000 worth of house-- so you could drop your prequalification from, say, $200,000 to $140,000.
2007-03-06 12:37:59 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Do not make any checks on your credit for any reason during this trying time of purchasing a home...any hits can lower your score and cost you points on your mortgage.
After the papers are signed...look for an auto loan
2007-03-06 11:25:17 · answer #3 · answered by Patches6 5 · 1⤊ 0⤋
I would wait until you get your home. After you get your home than you will be considered a home owner and it will be very easy to purchase a car after that. I had no credit and than I bought my house, shortly after I needed a car and I was afraid of not getting one until I went to the dealership. Apparently it is very easy to get a car if you own a home.
2007-03-06 11:18:14 · answer #4 · answered by everythingszenidontthinkso 3 · 0⤊ 0⤋