CAR BUYING ADVICE...PLEASE HELP!

[Anonymous]

Hello everyone,

I need some serious advice. My husband and I have an auto loan with Santander that we got when our scores were a lot lower which you probably all know that has us with a higher APR because of that factor.

We were getting ready to refinance so we could get a lower interest rate and hopefully lower payment. Here's our issue. We also want to try for a home loan next year around march and want to keep our debt on the lower side but obviously we need a vehicle as we are already sacrificing with only one car. We were thinking of leasing a vehicle to keep the debt down, do you guys think this is a good idea or should we just go ahead and buy? I really appreciate any input! Thanks in advance

[Anonymous]

A year is a long time to get your debt down if you are shopping for a home.  There are pros and cons of buying and leasing.   Have you weighed which option will be better for you guys based on your habits?

For example, how long you are going to be driving as leasing has mileage limits.  If the sole reason you are planning on leasing is to reduce debt for a mortgage next year then you are better off buying really.