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When can I go for a home loan after getting a car loan?

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Anonymous
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When can I go for a home loan after getting a car loan?

My car is on the verge of dying and I would like to get a new car before I have to tow it in.

I know its not good to get a car loan before you get a home. But how long do I have to wait after getting a car loan before I can ever start to think about getting a house? 3 months, 6, a year...?

And if I did get a car then look for a home how bad would it be?

 

Thank you to all thats out there, wouldnt know what to do without this site.

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Anonymous
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Re: When can I go for a home loan after getting a car loan?

There's not really a set time limit.  It's more a matter of whether your score has the padding to withstand a few points lost for an inquiry and some more points lost for opening a new account.  Also there's the matter of whether your income covers your monthly payments and you still have what you want left for a mortgage payment - figure out your debt to income ratio and make sure you have room for the car payment and the mortgage.
Message 2 of 3
Anonymous
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Re: When can I go for a home loan after getting a car loan?


@Anonymous wrote:

My car is on the verge of dying and I would like to get a new car before I have to tow it in.

I know its not good to get a car loan before you get a home. But how long do I have to wait after getting a car loan before I can ever start to think about getting a house? 3 months, 6, a year...?

And if I did get a car then look for a home how bad would it be?

 

Thank you to all thats out there, wouldnt know what to do without this site.


Though some lenders do say they don't want to see any new accounts for a minimum of 90 days before the mortgage application.

Message 3 of 3
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