Sign in to follow this  
talha

option to buy car with minimum impact to credit score

Recommended Posts

Hi,

I am planning to buy a property within the next 6 months and at the same time have a necessity for a car. Can't afford buying car using cash only and will have to borrow.

I am looking for the option that will least impact my chances to secure a good mortgage rates.

Ideally, I would like to lease a new car. Please advise how to minimize impact to my credit worthiness.

Thanks

 

Share this post


Link to post
Share on other sites

ANY purchase or lease will hurt your chances of getting a mortgage, unless your income is high enough and the house cheap enough it doesn't matter.  

It would probably be best to discuss this with the loan officer at a bank where you plan to get a mortgage.   They may not be experts in credit ratings, but they generally know what the rules are as far as what payments you can have with your income and down payment and still get a house for $xxx,xxx dollars.  

When I bought my house, I had a clunker I had paid $1500 cash for.  It was a piece of crap, and didn't really fit everyone in my family.  But, having a clunker and no car payments made it possible to buy my house.  Then, after buying the house, we got a minivan that DID fit everyone in the family.  

However, buying the house meant worse financing for the car.  

Such is life.  You may have to decide which is more important to you -- the house or the car.  For me it was the house.  

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this