So I'm in the market for a different car. I currently have a car that I PIF in Dec 2011 but I need a 2nd car. I'm looking at a certified pre-owned 2011 Honda Accord (dealer price $21K) with leather, moonroof, loaded and 29K miles. I want to try to get price down to about $18,500K and get like a 48 month term. However, I will (hopefully) be closing on my first house (whoot whoot) on july 27th and I have multiple inqs from my current mortgage company (3 inqs. 2 for houses I previously had contracts on that fell through due to appraisal issues and 1 for the house I'm currently buying) and inq from Target card (which I did not get card after I fould out limit was only $200. Bummed that I wasted an inq on that!!) From July 2011 that should be falling off soon; and an inq for Best Buy card in Dec 2011 (which I did get). Debt is as follows: Crap One card ($500 limit; PIF every pay period); Best Buy ($2K limit, balance $500. Plan to PIF next week). Have an old judgement from 2008 hospital bill for $200 that is PIF and 3 collections from 2009 (all 3 collections are from same hospital visit) in amounts of $186; $242; and $186. All are PIF. AAoA is 12 years (thank you old student loan that I paid on faithfully 
). Income is ~100K/yr. What kind of rat am I looking at?? And how soon after mortgage closes can I app for car? Really need 2nd car, as new house is a 40 min commute from work and my 2003 Saturn Vue is pushing 200K miles. And also, will the mortgage lower my credit score??? Any help is greatly appreciated!!!!
). Income is ~100K/yr. What kind of rat am I looking at?? And how soon after mortgage closes can I app for car? Really need 2nd car, as new house is a 40 min commute from work and my 2003 Saturn Vue is pushing 200K miles. And also, will the mortgage lower my credit score??? Any help is greatly appreciated!!!!
Oh forgot to mention, bought my Saturn Vue in 2005 (paid 23% interest....insanity!!!!) So I do have an auto loan on my FICO (never late) so will this help my Auto-Enhanced FICO and possibly help my chances of getting a rate that NOT double digit??? Sorry for all the questions...I just realllly need advice and I've A LOT just lurking so I figure I'll learn more if I actually ASK 
@hippychic823 wrote:
So I'm in the market for a different car. I currently have a car that I PIF in Dec 2011 but I need a 2nd car. I'm looking at a certified pre-owned 2011 Honda Accord (dealer price $21K) with leather, moonroof, loaded and 29K miles. I want to try to get price down to about $18,500K and get like a 48 month term. However, I will (hopefully) be closing on my first house (whoot whoot) on july 27th and I have multiple inqs from my current mortgage company (3 inqs. 2 for houses I previously had contracts on that fell through due to appraisal issues and 1 for the house I'm currently buying) and inq from Target card (which I did not get card after I fould out limit was only $200. Bummed that I wasted an inq on that!!) From July 2011 that should be falling off soon; and an inq for Best Buy card in Dec 2011 (which I did get). Debt is as follows: Crap One card ($500 limit; PIF every pay period); Best Buy ($2K limit, balance $500. Plan to PIF next week). Have an old judgement from 2008 hospital bill for $200 that is PIF and 3 collections from 2009 (all 3 collections are from same hospital visit) in amounts of $186; $242; and $186. All are PIF. AAoA is 12 years (thank you old student loan that I paid on faithfully
I don't think that you should have much trouble with obtaining an auto loan, especially given the fact that you have a car loan in good standing on your reports already. The mortgage may not report on your CR for 2 or 3 months after closing.....but I wouldn't expect it to drop your scores much at all, since your AAoA is good now.
I would recommend talking with a CU or local bank about their rates first, IMO you should be able to get a decent interest rate....like under 5%, assuming that your FICOs are around 670 as you described. Obviously don't apply for a car loan until after closing, just do some checking around to see what you can qualify for.
Thanks so much for the info!!! Greatly appreciated!!