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?? :helpme

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.

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

I'm not sure so show us your tits :)

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

buy the car with cash :thumbsup

( if you can )

:1orglaugh long time no talk, sexy :winkwink:

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.

That is all that matters

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.

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