turkish Posted March 1, 2005 Report Share Posted March 1, 2005 I just got into a new car in september 2004. The loan is for $10,000 and my monthly payments are only $213.00 HOw will this effect my approval for a mortgage and is there a good time to refinance the loan? Its at 6.25% right now and Ive had it since september. I want to buy before the end of this year. Link to comment Share on other sites More sharing options...
amortgageman Posted March 1, 2005 Report Share Posted March 1, 2005 The new car paymnet will only affect your debt to income ratios. As long as you are still within guidelines, you will be fine. As far as the credit scores, most likely (unless you have too many open accounts), by September, you should see an increase in your credit scores (unless you are late on your payments).Now, is the 6.25% a mortgage that you are wanting to refinance? If this is the case, do your homework, because 6 months leaves very little time to recuperate the costs of refinancing. It may not be worth it. Link to comment Share on other sites More sharing options...
noquarter Posted March 1, 2005 Report Share Posted March 1, 2005 I just got into a new car in september 2004. The loan is for $10,000 and my monthly payments are only $213.00 HOw will this effect my approval for a mortgage and is there a good time to refinance the loan? Its at 6.25% right now and Ive had it since september. I want to buy before the end of this year.My last car loan lowered my scores for approximately six months, but after showing six months of on-time payments, they went right back up. There were no other changes to my reports during that period of time, other than my existing accounts aging another 6 months as well all with on-time payments.NQ Link to comment Share on other sites More sharing options...
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