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How long to wait between HELOC and Auto Loan application?

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Anonymous
Not applicable

How long to wait between HELOC and Auto Loan application?

I should be closing on my HELOC within the next week and have been putting off buying a new truck until after the closing. I don't mind using my home equity to improve my house but it would be silly to use it to buy a truck IMO. I'm just wondering if the lender will look at a new truck loan, say within a week of getting my HELOC, as to great a risk. Our FICO scores are currently above 800 on all 3, they will dip after the HELOC but should still be 790's minimum and our DTI ratio will be around 32%.

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2 REPLIES 2
gdale6
Moderator Emeritus

Re: How long to wait between HELOC and Auto Loan application?


@Anonymous wrote:

I should be closing on my HELOC within the next week and have been putting off buying a new truck until after the closing. I don't mind using my home equity to improve my house but it would be silly to use it to buy a truck IMO. I'm just wondering if the lender will look at a new truck loan, say within a week of getting my HELOC, as to great a risk. Our FICO scores are currently above 800 on all 3, they will dip after the HELOC but should still be 790's minimum and our DTI ratio will be around 32%.


I would wait a week or so after it closes to be sure its all recorded then with those scores I wouldnt even give it a second thought. O a HELOC only what you are using is typically included in DTI not the max available. Welcome to the board Smiley Happy

Message 2 of 3
Appleman
Valued Contributor

Re: How long to wait between HELOC and Auto Loan application?

The truck is a secured asset for the new loan, probably the easiest credit to obtain.

 

If your ducks were in a row for the HELOC they are golden for a truck loan.

 

Go ahead and get financing prior to shopping for the truck. Plenty of Credit Unions out there to help you out and I imagine the bank that did the HELOC would love to give you another loan as well.

 

My favorite is PenFed, 1 EQ HP for joining and getting an auto loan (and credit card if you want one).

 

I agree with gdale6, ensure the HELOC is done and go for your truck loan.

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