Reply
Contributor
Posts: 89
Registered: ‎07-28-2012
0

Need advise on getting another car loan

Long story short, I just wrecked my car and it is total loss.  My insurance will not pay for it because I only had liability.  So, I need a car, I was hoping to apply for a USDA loan in March.  The only debt that I have on my credit is a car loan (my sister's car), which she has been paying ontime every month and only owe 4,000 on it and a credit car that I owe 600 on it (25 min  monthly payment but I always pay more)  That car loan will be paid off in Feb of this upcoming year. Is getting a car loan going to affect me getting that mortgage loan in March? :smileyindifferent:

Established Contributor
Posts: 850
Registered: ‎03-23-2012
0

Re: Need advise on getting another car loan

Funny, i posted this reply on another thread. Lol

I had to get a new car in the middle of my FHA streamline refinance. I discussed it with my LO and she told me I would be fine as long as it didn't mess up my DTI. When UW did an updated CR, they asked me to provide a LOE stating why I purchased it and asked me to provide the loan docs proving my note was the same amount listed on CR. I provided the info, and we closed.

YMMV, of course. So, I recommend you speak to a mortgage professional before you purchase your car.
Capital One QuickSilver 5K - AmEx Green NPSL - Amex Hilton HHonors Surpass 7K - Amex BCP 16K - Chase Freedom 4.5K - Discover IT 7.5K - LOC 2.5K
Contributor
Posts: 89
Registered: ‎07-28-2012
0

Re: Need advise on getting another car loan

Ok, good info. I will definetly ask my LO
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Need advise on getting another car loan

Whatever you do; keep payments low... get the minimum car you can stand so that your DTI isn't screwed. If there are less than 10 payments remaining on your sisters car then the payment shouldn't affect your DTI.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.