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Chances of Car Loan After Mortgage

cgrant919
New Visitor

Chances of Car Loan After Mortgage

Hi - my husband and I have decent credit.  We're a week away from closing on our house - we know not to car shop until we've closed on the house - but we're wondering what the chances are of us getting approved on a car loan after we close.  We're moving from NYC to Long Island and will need a car to get around.  If anyone has any experience, that would be great.

 

Thank you!!

Message 1 of 4
3 REPLIES 3
Noctilum
Frequent Contributor

Re: Chances of Car Loan After Mortgage

How does the mortgage affect your debt to income percentage?  We bought a car 2 months after closing on our house, but the mortgage payment was roughly the same as when we were renting so it didn't affect us.  The mortgage lender inqueries took some points off our credit scores but we were still 750+.

Message 2 of 4
mross1080
Established Contributor

Re: Chances of Car Loan After Mortgage


@cgrant919 wrote:

Hi - my husband and I have decent credit.  We're a week away from closing on our house - we know not to car shop until we've closed on the house - but we're wondering what the chances are of us getting approved on a car loan after we close.  We're moving from NYC to Long Island and will need a car to get around.  If anyone has any experience, that would be great.

 

Thank you!!


As long as your scores are good and your within dti you wont have any issues at all. If you got approved for a mortgage a car is far simpler. DONT go till closing though. If you want you can go straight from closing to a car dealer. I grew up on long island a moved a few years ago. Enjoy the house!

Message 3 of 4
cdtotten
Established Contributor

Re: Chances of Car Loan After Mortgage

I wouldn't say its definitely true that securing financing on a car is easier than on a mortgage. FHA loans can be obtained with a middle score of 620, although if that person also had past troubles with auto loans, there auto-enhanced FICO could be in the 500s.


The biggest thing you will need to consider is your DTI Ratio. What are your total monthly combined payments for your mortgage, credit cards, student loans, etc.? What is your total gross monthly income (just yours if you are buying the car yourself)?


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


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