Talking Hat
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a big one just depends on what job you have and maby cosigner |
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*STAR*
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Depends on a lot of things. what most of it boils down to is your credit score. If you have perfect credit you can get just about anything. It depends how much your home loan was. It depends on your income, and how many bills you have to pay out every month, it also depends on how much money you are putting down, and where you are getting your car loan through. Credit Unions usually work better they are more personal. Good Luck! |
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Shoe Lover
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There are many things that influence your ability to gain approval for any type of loans.
First, I would say, is your credit score. I don't necessarily agree with this score, as you can have perfect credit and get a mortgage loan or even simply apply at a dealership for an auto loan and this will have a negative impact on your score. In my opinion it doesn't accurately reflect your credit repaying ability but many banks will base their decision soley on this.
Second is your debt-to-income ratio. This simply is the ratio of your income to your debts, such as any revolving accounts, credit cards, department charges, furniture loans and auto loans.
Third is your relationship with the lending institution. If you have been a customer with a proven track record it should be somewhat easier to get the loan.
Lastly is the loan to value. If the vehicle is worth the 80% (usually) the lender is willing to finance it should be okay.
Hope this infor helps! |
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ARM
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Let the ink dry on you mortgage before you get another large purchase. It will be easier once the bank determines that you can manage the mortgage. Make sure all your payments are on time and in a year or so you will be more credit worthy plus you will have real property and equity. Meaning you will get a better rate. If you had enough credit to get a house then you more than likely have enough credit to get a car as long as you didn't get to much house and you don't get to much car. Good Luck! |
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rc
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you income to debt ratio will determine this |
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BUSHIDO
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depends how much deposit you have and disposable income.you should have done it in conjunction with your home loan.you may still be able to do that if it hasnt been a year since the home loan with no extra cost.
Hey i'm looking for some debt collecting jobs.i dont think we mean the same thing though. |
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kellymoore227
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Yes,but if u pushed through collage u can push through any thing |
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Babygirl♥
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Enter with caution........ I am guessing your new mortgage is expensive... I would start before checking credit to just check your finances on paper.... See if it is realistic to get a new car just yet. Once the car leaves the lot it depreciates in value tremendously... And if your credit score is low because of the home purchase they may approve you but it will be on much steeper rates.... |
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PAYME
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the last answer from 14 yr finance manager is bad advice.
a loan on your appreciating value home for your depreciating value car is not a good idea. most home eq loans are adjustable rate which are higher than most fixed auto loans and many home eq loans have pre payment penalties that would eat up any tax savings.
to answer your question your credit score is lower now than it should be due to the recent home loan. wait a few months if your score dropped below 740 assuming it was that or higher to begin with. if the score is ok and the car fits the budget go for it. |
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Lore
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Listen, if you have good credit you should not have any problem in getting an auto loan. They may require a down payment higher than you would care to do, if your credit is questionable. |
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Scotchman
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yes |
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Nora
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no easy as you are now a homeowner |
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John R
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It is never hard to get a car loan. They major question is how much will it cost. Be sure to check dealer incentives. Many times it is better to go with a low interest rate in lieu of cash back. The amount of money you will save over time should be worth it, if you plan to keep the car for at least the length of the loan. If you only plan to keep the car for a couple years, take the cash. |
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The First Lady
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It's not difficult at all. Nowadays auto financing is a snap - just be midnful of the interest rates. If you think you can afford it and your credit score is adequate enough then go for it. If you just purchased the home there's a good possibility it hasn't even hit your credit file yet therefore when applying for your car loan it won't show up as extra debt.
The credit score does go down after purchasing a home but if you've demonstrated credit worthiness and have a decent score then you have nothing to worry about it. If the mortgage isn't on the file yet - then there's also no need to include it as a debt...if you have an adequate history with other credit you can ride off of the payment history from those files making it appear that you have more money to play with.
I closed on my house three years ago in Oct and by January I was sitting in a stealership to purchase a car. The mortgage hadn't hit my file yet because I just executed my first payment the month before - the car stealers were ready to deal. I was given the choice to include the mortage on my application or leave it off - since it wasn't on my file yet it was basically my decision.
Also try searching online. I obtained financing for my most recent vehicle online. I submitted my request thru LendingTree.com and it didn't take long for car stealers to contact me with approval information. It cuts down on going from stealership to stealership and I was thoroughly pleased with the entire process. Tell them what you're looking for and they will find it - money talks. |
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Marjorie
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Yes! because the bank looks at your recent purchase, the amount of the purchase, your income, and of course your credit score which goes down with each inquiries that's made. But if you have a reasonable credit score and a large sum of cash, you should not a big problem getting a loan. |
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1 Supermom
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There shouldn't be a problem as long as you have good credit and enough money to make the payments. They will look at you income to debt ratio and if it's still a good number then you should have no problems.
It's when people do it the other way that there can be a problem. If you are trying to get a mortgage and you go out and get a car loan and a loan for furniture and etc then the mortgage loan can fall through. After you have your mortgage loan closed and you've signed and gotten the final word that it's all closed, go for it. If you've just closed your loan, check with your loan officer that all the paper work has recorded. |
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Michael G
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While I can't speak to your situation, I can tell you that I got a mortgage in September, co-signed an auto loan in October, and purchased a new car in December on fairly average credit. The best reason I can come up with as to why no one batted an eyelash is that it had yet to show up on any of my credit reports that I had gotten all these loans.
I would recommend getting either the free credit report you're entitled to every year, or using an online service to view your credit report before getting the auto loan.
Good luck! |
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AB
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Your credit score usually goes down after you receive a mortgage. If your score was high, it may be easy to get one. The easiest way to find out is to check your credit score. |
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elena
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NOPE! Its is EASY to get a mortgage, but harder to get a auto loan, When purchasing a car your credit doesnt show that you have a mortgage.
SO YOU shouldnt have any touble, unless you have garbage credit to being with. |
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MARIO R
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I've been in the auto finace business for 14 years. its really easy to get a auto loan after a mortgage but you have to ask yourself a couple questions. 1. do you have the income to support it? 2. do you need a car loan now?and 3. can you take out a home equity loan (if you have a lot of equity in your house there are a lot of tax breaks there where you can actually write off the interest you pay on the car loan) hope those help! ps more than half the answers you are getting are wrong and misleading. |
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philip_jones2003
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I dont have a credit rating. Ive not had any debts for over ten years and been in the fortunate position of being able to pay cash for everything......except the house and I dont owe much on that.
I know in the UK, the banks throw money at people. Its a bad arrangement and gets a lot of people in to trouble. Rest assured the banks NEVER lose out. Miss a payment and you get charged for the letter they send to remind you.
Its not about what the banks are prepared to loan. Its about what you are able to repay and still be comfortable. Its a mutually benefical arrangement right? Well negotiate those terms.
If your position is strong then you are better able to negotiate. If your bank doenst have the ability to negotiate terms then go elsewhere.
Even your mortgage can be surrendered and moved to another company if you want to do it. Remember that extra half a point of interest is being paid for a long long time. |
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breathofvitality
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Shoe Lover is correct, all of those things will be an issue when you go to get a loan. Your debt to income ratio should always be lower than 50% for not so good credit, and even then sometimes it's not possible to get a loan with that high of a dti. Best results for your credit score and ability to repay your debt is to make sure that all of your debt is lower than 36% of your income. This will also help your FICO score go up. |
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ChatNoir
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well, sometimes even if you have good credit, it is hard to get a second loan if you already have a new loan. the creditors don't like to approve you if you owe too much money to someone else.
it is possible, it all depends on what reporting agency they use and how new your mortgage is. |
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American Wildcat
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Not at all. It obviously depends on your credit rating which is a concrete score known as a Beacon score or a FICO score. If this is high enough and your income to debt ration isn't too high (lenders like to see it under 45%, then again depending on the financial institution) this ratio is how much debt that you pay monthly divided by how much your monthly income is. If you're married, it will include both incomes and all debts from both of you. Having a new mortgage will decrease your credit rating by quite a few (around 40 points or so depending on your credit) but this doesn't mean that you can't get a car, in most instances you can talk to the financial company that will do your car loan and they will understand that your big hit was from a new mortgage.
Good luck and let me know if you have any other questions :) |
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dj
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Maybe. Depends on your credit score and your debt ratio. I like to see some pay history after someone has just gotten a new loan, no matter what it is. However if say your were paying rent, then bought a house, well you may not have really added a bill. Also if you had a car payment and are trading in, well if it doesn't add to your total monthly bills, then you may be OK. However if you didn't have a house payment, or if the car payment will be a new bill then there is a thing called payment shock. That is if your not used to a payment then creditors like to see you have adjusted your budget to it before adding another new payment on you.
My advise, wait at least 6 months before going for a new car. Get used to your house payment, develop some history, then your in a better negotiating position credit wise. |
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Jenny A
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no, now you have better collateral...they can take your car AND your house if you miss your payments. |
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daveowenville
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Harder? Yes. Hard? Not necessarily. A good idea? Nope.
Before you saddle yourself with additional debt, live in the house for a few years. You'd be surprised how much might need fixing in the short term, or how many things you might want to change or improve. Home ownership also takes a lot of time; you have a lot of maintenance to do, and that costs money you might not be anticipating.
If you've lived in the house for a few years, and you're certain that you can afford it, you'll be in a better position to get an auto loan anyway -- and you might (if the house appreciates) be in a position to get a home equity loan instead, at a lower rate. |
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brianchicago76
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Not if you have good credit, like me. |
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You are loved
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No it isn't period!
Only if your fico score is below 600 it would be, you'd get a high interest rate, but you can purchase a new car just about anywhere, remember it takes about 1 to 2 months for the mortgage or mortgages to show up on your credit report, so if you hurry you can get it easier, but having a mortgage shouldn't affect you, I know there are those who said the opposite, but that is not a car dealer's finance department concern, as long as you show you have the paying ability and capacity, lets say you['ll have someone else's help with paying either bills or mortgage it's not a problem car lenders don't give a care, this is only a car not a home, mortgage lenders would care not any other lenders. |
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justy
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yes,cos u just got mortgage, and i think you might not be given auto loan cos its too soon by the way you can make enqiries from the bank you intend to get the loan from but i wont advise it |
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Tired of lies
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No you will just have a higher interest rate on both. and pay longer. Do what you will, but it would be wize to get half way through with the max. |
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