My wife and I have no loans on cars and no apartment (owned) yet. We want to buy a new car and finance it. How would that affect our home loans (in, say, 6 months)? Do the banks prefer you to have as little debt as possible, or would the car loan be good for our credit because we will be paying the financing on a regular basis for the next half year? We both have great credit ratings.
Appreciate any advice.
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{ 1 comment… read it below or add one }
Yes, it will help your credit rating but depending on your income and the amount you want to borrow to buy the house it could negatively affect your ability to get a mortgage. Don’t go in over your head on the car.