Hi everyone,
Blast I was typing and my phone died and i lost this post so I'll truncate it.
-Looking to finance a car I have thought about every day for as long as i can remember. ill be financing a majority, putting 30 percent down. Last major purchase we will make. Don't know when this year. Dealer has a bunch of people waiting before me.
- CC utilization is at 27 percent but balances have gone down.
237xx /41.5k
5,0xx / 19.5k
4,3xx /15k
0/50k
The two middle cards will be paid off within 6 months as they are auto deducted. Card 1 has been a thorn in our side. We make 2x the monthly payment of 550ish but it's taking forever. 17 percent interest.
Used a balance transfer card before, paid off one card. Then we stopped using it and chase automatically closed the card.
We get mailers from our local bank offers a personal loan to pay off debt. I don't have the rates in front of me but they are low.
The personal loan will kill the card. After the balance is paid off we are done with cards. We used them for essentials such as business equipment, home furniture, etc.
The reason I'm asking when to apply is will an auto manufacturer or bank supplying the car financing frown upon a personal loan being granted before car financing is granted? Is it better to get the car first? CU/bank will be more stringent I bet. When I got our mortgage in 2013 the bank required a hefty down payment (over 20 percent) and no credit card debt as I had only had 2 years of income at that point. My score was 799 I think at the time.
I have never financed a car before. I have leased 4, (BMW, Volvo, 2x mb) and bought two used cars upfront. But for all 4 of the leases I had cc debt and it never was an issue but that was for leases.
Current score is 777 from credit karma on the both reporting agencies.
Do you think I should take out a personal loan first...make cc balance 0, finance car... or get the car financed, then do personal loan? DTI is fine both scenarios just don't want to risk an issue with getting two loans spaced too closely together ...
Just looking for guidance and won't take this as financial advice. Thanks!
