Auto loan right after mortgage?

[Anonymous]

My DW and I have been planning on buying a house and we're to close in two weeks. Unfortunately, my job decided to close the main HQ down and move folks to the other facilities nearby (All of this due to a merger last year, I'm not in a redundant position so I should be okay). Anyways, our commute plan isn't going to work, especially here in Atlanta so we have to get a second vehicle.

I'm assuming the auto loan isn't going to be too difficult to get. We both have great credit (750+), Mortgage + utilities is about 25% or so of take home, and we don't really have any debt, and the auto loan will only be about $6-7k since we'll be looking at doing a $5-6k down payment.

Am I misjudging it? Or am I correct that it shouldn't be too bad getting a good autoloan.

Thanks,

Zac

[Cjaysmom]

To answer you question, I'll share my situation.

I closed on a home on January 16, 2020.  I knew my car was in bad shape, but I also knew I had to wait until I closed to get work done on it. So, 2 weeks after closing, I took my car into where I get it fixed. The service consultant came out and said that I had some issues and I could use the car as a down payment on another car.  I hedged at that point and waited 2 weeks.

So long story short, I purchased a new car less than 2 months after I closed on my home.  It is possible and think about it -- Your credit cannot be any better right after purchasing a home.

Good Luck!

[Flexfanatic]

You should not have an issue since you just purchased a home, your debt-to-income (DTI) is low, and you're putting a rather large down payment.