anyone know if its harder to get a house loan if you have a new car loan? - GoFuckYourself.com

Babagirls · 08-02-2006, 12:50 PM

once again our truck is in the shop with a $1,178 bill to fix it. in the past 12 months or so, we've fixed various big-ticket items on the truck. usually costing $800+ each time, so we wanna get a new vehicle.

however, we're also looking to buy a house in the next 12 months. do banks frown on having a new car loan?? i would just wait till we got a house and get a new car but theres so many things wrong with the truck...its only 8 yrs old and ALREADY needs a new engine and other expensive shit, not worth it to keep fixing on.

any advice from personal experineces??

summerland · 08-02-2006, 12:57 PM

FYI Banks are getting harder and harder to get a loan from. Why? Mortgage fraud is hitting an all time high and they are very suspicious especially in the hot markets like Miami or Cali..

It is not the car loan that they don't like it is the debt to income ratio. Most webmasters don't claim a lot on W2 and this is going to present a problem. You can't say that your biz makes 200k a year and your W2 shots you made 30k. That is a problem but good luck.

wdsguy · 08-02-2006, 12:59 PM

all comes down to how much is your income and how much debt you are going to have.

Ice · 08-02-2006, 01:00 PM

I'm not sure so show us your tits

datatank · 08-02-2006, 01:02 PM

All depends on your Debt to Income Ratio
http://homebuying.about.com/cs/mortg..._to_income.htm

polish_aristocrat · 08-02-2006, 01:03 PM

buy the car with cash

( if you can )

Babagirls · 08-02-2006, 01:05 PM

Quote:

Originally Posted by Ice

I'm not sure so show us your tits

long time no talk, sexy

thanks for the advice guys. i think we're gonna be lookin at getting something around the $250-$300/month mark, we like the Monte Carlo's (great on gas, too..yay!). might have to buy a year or two older but whatever i guess. could always just trade it in, that way the debt to income ratio isnt that bad. we dont have any CC's or anything so thats the good news, i think. and we're in the middle of repairing his credit and i think a car loan will HELP his credit score so maybe its a good thing. arghh. dramaaa.

baddog · 08-02-2006, 01:06 PM

Quote:

Originally Posted by summerland

it is the debt to income ratio.

That is all that matters

Mr. Soul · 08-02-2006, 01:24 PM

If you're in a lower income bracket (read: $1 million in personal assets or less), any existing debt, including car loads, or even open credit like high limit credit cards or lines of credit, may hurt your chances at getting additional credit (your mortgage). I'd talk to the banker you deal with before making any decisions.

Babagirls · 08-02-2006, 01:31 PM

Quote:

Originally Posted by Mr. Soul

If you're in a lower income bracket (read: $1 million in personal assets or less), any existing debt, including car loads, or even open credit like high limit credit cards or lines of credit, may hurt your chances at getting additional credit (your mortgage). I'd talk to the banker you deal with before making any decisions.

good idea. i'll call him tomorrow.

lush_life · 08-02-2006, 01:36 PM

Quote:

Originally Posted by Babagirls

long time no talk, sexy

thanks for the advice guys. i think we're gonna be lookin at getting something around the $250-$300/month mark, we like the Monte Carlo's (great on gas, too..yay!). might have to buy a year or two older but whatever i guess. could always just trade it in, that way the debt to income ratio isnt that bad. we dont have any CC's or anything so thats the good news, i think. and we're in the middle of repairing his credit and i think a car loan will HELP his credit score so maybe its a good thing. arghh. dramaaa.

i think if you would like to get a long lasting vehicle get something asian made... stray away from chevy or ford

08-02-2006, 12:50 PM	#1
Babagirls Text Writer Join Date: Feb 2001 Location: Wisconsin Posts: 18,812	anyone know if its harder to get a house loan if you have a new car loan? once again our truck is in the shop with a $1,178 bill to fix it. in the past 12 months or so, we've fixed various big-ticket items on the truck. usually costing $800+ each time, so we wanna get a new vehicle. however, we're also looking to buy a house in the next 12 months. do banks frown on having a new car loan?? i would just wait till we got a house and get a new car but theres so many things wrong with the truck...its only 8 yrs old and ALREADY needs a new engine and other expensive shit, not worth it to keep fixing on. any advice from personal experineces?? __________________ Need a Text Writer? Blogs\|Reviews\|Descriptions\|Paysites\|TGP's\|Stories ICQ: 397892500

08-02-2006, 01:00 PM	#4
Ice Confirmed User Join Date: Nov 2002 Location: Sunny California Posts: 26,053	I'm not sure so show us your tits __________________ icq 1904905

08-02-2006, 01:03 PM	#6
polish_aristocrat Too lazy to set a custom title Join Date: Jul 2002 Posts: 40,377	buy the car with cash ( if you can ) __________________ I don't use ICQ anymore.

08-02-2006, 12:57 PM	#2
summerland So Fucking Banned Join Date: Jun 2006 Posts: 162	FYI Banks are getting harder and harder to get a loan from. Why? Mortgage fraud is hitting an all time high and they are very suspicious especially in the hot markets like Miami or Cali.. It is not the car loan that they don't like it is the debt to income ratio. Most webmasters don't claim a lot on W2 and this is going to present a problem. You can't say that your biz makes 200k a year and your W2 shots you made 30k. That is a problem but good luck.

08-02-2006, 12:59 PM	#3
wdsguy Ryde or Die Industry Role: Join Date: Dec 2002 Location: California-Shanghai Posts: 19,568	all comes down to how much is your income and how much debt you are going to have.

08-02-2006, 01:02 PM	#5
datatank Confirmed User Join Date: Aug 2004 Location: My dog is blacker than Tupac Posts: 5,471	All depends on your Debt to Income Ratio http://homebuying.about.com/cs/mortg..._to_income.htm

08-02-2006, 01:24 PM	#9
Mr. Soul Confirmed User Join Date: Jul 2005 Location: Manhattan Posts: 1,633	If you're in a lower income bracket (read: $1 million in personal assets or less), any existing debt, including car loads, or even open credit like high limit credit cards or lines of credit, may hurt your chances at getting additional credit (your mortgage). I'd talk to the banker you deal with before making any decisions.