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My mother has recently retired and moved back to our home state in a building I am set to buy at the end of the month and needs a car. I current have a car that is about 4 years old with approximately 100000 miles on it. I still owe around 11 thousand on it and my interest rates are thought the roof. I wanted to refinance it but won't be able to without dropping about 4000 up front and I would need a new car. How does carrying two car loans impact my credit score? Any suggestions on what I should do would be greatly appreciated.
@kuc21 wrote:My mother has recently retired and moved back to our home state in a building I am set to buy at the end of the month and needs a car. I current have a car that is about 4 years old with approximately 100000 miles on it. I still owe around 11 thousand on it and my interest rates are thought the roof. I wanted to refinance it but won't be able to without dropping about 4000 up front and I would need a new car. How does carrying two car loans impact my credit score? Any suggestions on what I should do would be greatly appreciated.
if you are buying a building you should not be doing things with auto loans that will pull credit in the prcoess of taking on a mortgage.
Otherwise though 2 car loans is not that big of a deal... just do them very close together.
AFTER your mortgage, you should be able to.
Also what's your FICO look like? And once you close, you can look into refi'ing. Some lenders do more than 100% LTV for prime customers (generally 680+ or 720+). What's NADA Clean Retail on the car and how much do you currently owe?