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Car loan after mortgage?

New Contributor

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 642 FAKO (CK) // EX 640 FAKO
Goal Score: 680


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2 REPLIES
Moderator

Re: Car loan after mortgage?

Easy.

Message 2 of 3
Established Contributor

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.

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