2007-05-08 04:27:45 · 9 answers · asked by slutluva 1 in Business & Finance ➔ Credit
Depends on the impact of that car to your dept-to-income ratio. You may have to buy "less" house.
2007-05-08 04:33:35 · answer #1 · answered by MrOrph 6 · 0⤊ 0⤋
There are some other factors that come into play here. Do you already have an established credit history? Would you be financing the car with a bank/credit union or a finance company? And at what rate of interest? If you are buying the car now and the home twelve months or more later, the car purchase can help you establish a good credit history. If you are planning to buy both within six months of one another, ALWAYS buy the house first. Then use a second mortgage to purchase the car so that the interest on both loans will be tax deductible.
2007-05-08 04:54:59 · answer #2 · answered by blufunkbmw 1 · 0⤊ 0⤋
Depends on whether or not you financed any or all of the automobile purchase. Any time you increase your debt load, the amount of money you can obtain to purchase a home will most probably go down, unless you have a fabulous income and a very high credit score.
As always, seek out a qualified mortgage broker/lender and provide them appropriate financial information so that you can assess your chances.
2007-05-08 04:33:59 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
It will hurt you. Many times, your debt-to-income ratio is a major factor in securing a mortgage loan. If you purchase a car, that may blow your affordabillity, meaning that would be eligible for a lower-priced house. Before you are pre-approved, you want to pay off or pay down as many debts as possible.
2007-05-08 06:35:16 · answer #4 · answered by YSIC 7 · 0⤊ 0⤋
Hello, Years ago my wife and I were buying our first house both had credit scores in high 700's. 3 days before closing we changed cell phone companies not even thinking about our credit. When we went to closing and they ran a final credit check they seen the inquires. this postponed our closing one day. BE CAREFULL if a cell phone can do that what can a car do?
2007-05-08 04:41:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It depends.
If you purchase a vehicle right before you try and purchase a home, it will increase your debt to income ratio and lower your score since you have taken on additional debt and you will have additional inquiries on your credit.
If your score is high enough and your debt to income ratio is low? It really will not make any difference.
If you have any question? I would wait until your home loan is completed before I went out and bought a car.
2007-05-08 04:35:49 · answer #6 · answered by ? 7 · 1⤊ 0⤋
the more debt, the lower your credit score
2007-05-08 04:32:36 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I think it will help if u pay on time
2007-05-08 04:38:20 · answer #8 · answered by shorty21 5 · 0⤊ 0⤋
most likely hurt.
2007-05-08 04:33:59 · answer #9 · answered by David B 6 · 0⤊ 0⤋