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Posted in Auto Loans
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Price4x4

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Vehicle purchase before or after the house purchase?
I NEED to purchase a vehicle soon! I want to buy a house within the next year or so. Will buying a vehicle now have negative affects on me getting approved for a home loan in the next year if I make all vehicle payments on time? I have heard yes and no but would like any advise that could steer me in the right direction.

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I would say yes and no as well. But most people buy a car before buying their house, instead of doing the other way around

1. A car is cheaper

2. Car loan is easier to get approved than home loan

3. Answering your question: If you are a responsible person, obtaining a car loan first will have a POSITIVE effect on getting approved for a home loan later. This is because mortgage credit grantor will see all of your on time payments for your car loan later on at the time they pull your report for mortgage. But please be advised that next year may be too early. It depends on how long you choose to pay for your car loan though.

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