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Posted in Auto Loans
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zoinks68

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Debt Consolidation Loan prior to Auto Loan
I am looking to get a new car loan in about 30-60 days. Would it be advisable to get a debt consolidation loan to payoff credit cards prior to getting a car loan?

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I will just throw my opinion out there.  If your CCs are in good standing and under the 30% utilization (not hurting your credit score) then I would personally just wait and do the debt consolidation and car loans the same day.  This will "hide" them from eachother and generally multiple hard pulls to your credit within a day or two is thought of as "shopping around" and not counted against you as much as ones months apart.  You can also try to take into account your income against your outstanding payments to determine if the auto lender would think you have enough extra income after CC payments to make payments to them.

I have not utilized a debt consolidation loan myself so I am not positive how it affects your credit score or Auto FICO scores.

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