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Mortgage and Auto Loan within 30 days of each other..can I do it?

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Mortgage and Auto Loan within 30 days of each other..can I do it?

A few months ago, I pre-ordered a brand new BMW. Mind you I have been renting condos for the last 2 years with my wife while saving for a decent down payment. Well now I'm about 55 days till delivery, but 10 days prior have to pay for the car as delivery takes place in Europe. Now one day outside the supermarket, i was perusing the houses for sale magazine and found a nice house for sale for $235k. I ran the numbers with my wife and based on the average 30/yr fixed mortgage, we will be able to afford the house and car (auto loan based on 4.5% APR over 60-72mo). My realtor informs me the house already has an offer placed upon it and is in attorney review but if we make an offer it may be enough to cancel the previously accepted offer as it is an estate sale and was probably a low-ball offer. The only way for me to place an offer and see where it goes is by getting a pre-qualification letter issued. So my question is this. I do NOT want to lose the car purchase by any circumstances whatsoever. My credit score between the 3 big firms is 735, 720, 720. My wife is definitely in the high 700s. Will a pre-qualification letter screw me out of getting the really good new car loan 4.5% APR rate?
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Regular Contributor

Re: Mortgage and Auto Loan within 30 days of each other..can I do it?

What's more important to you? car/house?  Might not even be an issue, someone else will chime in.
 
Hard question I know.....(Coming from a BMW owner, its not an easy answer)Smiley Wink
 
I need to know, what did you order?  and good choice doing euro delivery.
Message 2 of 3
New Visitor

Re: Mortgage and Auto Loan within 30 days of each other..can I do it?

I ordered a 2008 135i. At this point, i'm leaning towards establishing the loan first and getting the funds "dispensed" to me so that I know the loan is solid and done with and I am making payments on it. At least then I know I will not lose out on the car. At this point, my wife and I agree that the particular house I mentioned before may not be the best choice as it is a fixxer-upper and in a so-so town. I researched this morning the school system there is not the greatest. So with the combination of improvements to the home and the sub-par school system, this investment is not a good one, although $235k this kind of house in NJ is a bargain as this type of house in a more affluent town fetches $150k-250k more.
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