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Should I refinance my auto loan if....

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What is more important than that is your debt to income.

Do you know what your ratio's are?

How much do you plan to put down on the new house? What type of loan are you planning to use to purchase the property?

The amount of your auto loan affects your debt to income (back end ratio). You might consider meeting with a loan officer at a mortgage banker to get the information you need so you can plan appropriately. If you want to wait until June to have him/her pull your credit, then bring a copy of your report with FICO scores you can obtain so you can discuss what ratios that lender uses for the type of loan you plan to obtain.

FHA ratios are different than conventional loan ratios. If can can provide a little more details we can help with some general guidelines.

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  • 3 weeks later...

I think, you should refinance your auto loan. Chrysler is seeking to produce an in-house financing arm, reports Reuters. Chrysler Group LLC is currently in negotiations with several banks to produce a financing partnership that would serve to increase sales momentum. Sources show that a relationship would look like the working partnership between Chrysler majority owner Fiat SpA and Credit Agricole SA.

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  • 1 month later...

The others have mentioned very good points. It would typically be better to buy AFTER you have closed on the house. Most lenders don't seem to hold loans with very short times to they are finished in your debt:income ratios.

The car loan lenders are more flexible with these ratios. I'd wait and buy the car after you close on the house if you can possibly do so.

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