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UNITED STATE PARCEL SERVICE BENIN .
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Dan L | Serious, honest answers only? |
If I were to finance a $15,000 auto loan with a term of 66mths now will that hurt my credit in, say, 3 years when I try to get a home loan?? What am I saying is is will the lending institution look at it as having more outstanding debt and refuse me for the home loan in 3 yrs? Or will it help me now to finance $15,000?
Additional Details
we own our home now and rent out the 2nd floor and when we buy another home we were thinking of keeping this one and renting both levels. Is is smart to keep the home we got now or sell when we buy another? |
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jgmeier93592001
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Financing your vehicle will not hurt your credit score unless you miss payments. Something that you might want to look at also would be the debt ratio. Even if you have great credit, but showing a lot of debt, you can still be denied a mortgage. Calculate your over all debt that this new vehicle will generate, and determine the rental income that you will obtain when you decide to rent out your current home. As long as your able to cover your mortgage obligation on your new home with your rent, you should be fine. Over all, your concern should not only be your credit score, but also your debt ratio that determines if your able to afford the home. |
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cowgirl
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I think as long as you pay your auto loan each month it would appear you are not a risk. |
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simply_renee
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It's better to buy a car AFTER your home loan generally. If you need the solid credit that a car loan will help you get, it may be smart to do though. Just try to get the payment as low as possible so you can overpay and get it paid off early.
If you have good credit now- buy a used car that will be paid off sooner if you need one. |
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homeschoolmom
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For part one - an auto loan now should only help your credit in three years, as long as you make the payments on time. I would NEVER finance a car for more than 4 years - they lose too much value too quickly (we paid our $20k car loan off in 20 months by working hard and putting every extra penny towards paying it off). Besides, you love the car now, will you love it enough to be making payments on it in 6 years? Or, put another way, is there a 6 year old car today (a 2000 model) that you would be willing to make that same payment on? Probably not.
For part two - real estate is a GREAT investment, as long as you're willing to do the landlord thing. There is a surprising amount of work to put into it. Also, will you be able to make the payments on BOTH houses if a tenant moves out? I would look into some books from the library on investing in real estate (and not just the ones trying to tell you how to get rich in R.E.) before I made that leap.
Good luck! |
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thylawyer
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If the balance shows you have made every payment, and you have made every payment on time, the answer will depend on your other debt and payment history. In and of itself, if you have no other debt, it should help.
The other factors will be your income and expenses. If you live from paycheck to paycheck, you are living at the edge of your income, the outstanding debt will hurt. If you have managed to put away a few thousand dollars for the down payment, and have some money left over at the end of each month, it will help. |
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resource man
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the answer to this question is this
it all depends on your debt ratio
meaning how much debt you have compared to income
making a car loan will not hurt you as long as you pay it on time every month and like stated earlier have enough income to keep your debt ratio low |
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creativereading
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As long as both the home loan and car loan does not make your debt to income ratio to high you should be fine. If you are able to easily afford rent,utilities and any other credit debts (such as credit cards, etc...) plus the car payment you should be fine. |
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keisha5938
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It should not. Home loans are more reasonable now than ever. Bad credit can not stop you from a home loan. The interest rate will be high, but as long as you pay your debt and don't be late with payments you should be alright. |
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nermil
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it should not hurt your credit rating as long as you make your payments on time. |
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CoastalCutie
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As long as you pay your payments on time, and can AFFORD it now, AND then, with it being just a small bit of your income, then the mortgage company should look on it favorably, not as something against you. If you pay like you should...they look at that and that gives you an advantage, not a disadvantage. I was approved for a home loan last year, on over 140,000 dollars...and I'm a waitress! So...as long as your credit is good right now, and you keep that in good stead....you'll be "good to go"! |
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anambotie
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Honestly, if at all possible, buy less car, or better yet don't finance a car at all. The size of the purchase may not hurt you unless you default, and that will hurt more than anything. You cannot say in 3 years whether you will have the money to pay for the car and you would be paying money on an item that decreases in value, not increases as property or a home likely will.
We Americans are very well conditioned in the use of credit and we do it so often very foolishly. For your own good look to buy less with credit and more with cash, the rewards will be greater wealth and not owing some institution a bunch of money.
Good luck! |
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teacherhelper
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It depends on how you repay the auto loan. If you make all your payments on time and/or pay more than you need and put the "extra" on the principle, the lending institutions see that as being responsible and a "good risk." You have to establish GOOD credit, so you have to pay on time. You can have over $40,000 of debt and still be considered a good credit risk! It depends on your responsibility. When you have a good record, you get good offers! |
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feeln17
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Dan ,why do u need a 15,000 car. remember "the borrower is slave to the lender" your credit score or fico score as it's called is based on debt ! payment history ,amount owed, # of payments. that's why they call it a debt score .you must be in debt to have a credit score. much better to live debt free. you are your only source for income ,why give it to the blood sucking banks. I'll get off my horse now. do your self a favor check out www.daveramsey.com IT will change your life ! |
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gottobemel
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If you have good credit, it won't matter. We bought a house last year and finance 2 cars with payments that total around $800.00 a month. |
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