I need a car really bad... anyway of financing a car without them reporting the the CB's?

[glamchick]

I need to purchase a car something 10,000 or under.  I am buying a house at the end of the year... is there anyway around them not reporting to the CB's?  Or anyway around now showign that I have a loan out?

My mortgage lender said it would look bad if I purchase something right now... but Im desperate.  We are down to 1 car and if something happens to the car im in now I have no way to work.

Please help!

[DallasLoanGuy]

Whether it reports or not..... You would be committing Mortgage Fraud if you didn't disclose the new debt.

Remember, you have to sign the loan application to certify it true & accurate.

Are your scores borderline? Or is this a debt ratio issue?

Is your loan officer worried about the new account and how it affects scores?

Or are they coaching you into fraud?

[glamchick]

ok OMG... no not at all.   they are just telling me to not buy anything until the house but i am stuck.  I am not trying to commit any kind of fraud.  I just thought i saw on here there is a way around it. 

[Anonymous]

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glamchick wrote:

I need to purchase a car something 10,000 or under.  I am buying a house at the end of the year... is there anyway around them not reporting to the CB's?  Or anyway around now showign that I have a loan out?

My mortgage lender said it would look bad if I purchase something right now... but Im desperate.  We are down to 1 car and if something happens to the car im in now I have no way to work.

Please help!

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Your best bet is one of those buy here pay here places.  Usually they dont report to the cb's

[Anonymous]

We bought a car in October and are closing on our house this week... Not the best situation, but our broker never had a problem with the newness of the purchase (dti, scores, etc are in good shape).

[MattH]

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@glamchick wrote:

ok OMG... no not at all. they are just telling me to not buy anything until the house but i am stuck. I am not trying to commit any kind of fraud. I just thought i saw on here there is a way around it.

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Why can't you wait until after the house purchase before buying a car?

[DallasLoanGuy]

Depending on your profile, you may be able to buy a car now and it not affect your mortgage loan one bit.

I have alolowed some clients to buy things before mortgage..... but others, I advised to not buy.

Most loan officers tell you to not buy because it is safe.