Valued Member
Posts: 42
Registered: ‎06-27-2013

Car loan after mortgage?

I am needing a new car and had planned on going for that first but... We really want to get a house early summer next year. So hoping my current car will hold out that long, how feasible would it be to obtain a car loan right after closing on a house? Or how long would I have to wait?

I still have a lot of work to do on our credit but I hope to be in good shape by then.

Starting Score: 7/2/2013: TU 532 FAKO (CK) || 7/22/13: TU 569 FAKO
Current Score: TU 569 FAKO (CK) // EX 562 FAKO
Goal Score: 620

Take the myFICO Fitness Challenge
Community Leader
Super Contributor
Posts: 6,491
Registered: ‎03-06-2010

Re: Car loan after mortgage?


Established Contributor
Posts: 731
Registered: ‎08-12-2011

Re: Car loan after mortgage?

You can get a new auto loan the day after closing your mortgage. Totally safe and fine that way. Since home loan is over 6 months out, you can get one now but it will affect your monthly DTI at mortgage time. Can you get a super cheap car now and sell/trade after mortgage? I'm not sure if lower monthly payments is more weighed than over all outstanding balance on the loan. If so, longer term with lower payments then refinancing after the mortgage closes may be an option.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.