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How soon can I buy a car after buying a house??

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  • How soon can I buy a car after buying a house??

    We just bought a house...we're 6 years out of BK and we purchased a house with 20% down and payments less that we were paying in rent, plus the taxes were killing us. I was always told to wait to buy a car till after you purchased the house.

    We have one car 15 years old that is going to my son, and our other car is 10 years old with tons of miles. We want to purchased a used car and have $8000. as a down payment.

    I just wondered if anyone knows how soon after the house can we get a car. Even with the car payments, it's about even with what we were paying in rent. Plus the cable comes in our payment.

    Prior to purchasing the house Carmax was going to give us a 5.9% interest. Does anyone know how much the mortgage loan will affect everything?? Thanks so much! You guys are all lifesavers. Bkrelief

  • #2
    Assuming you have a good credit history over the last 6 years and enough income to support the payment, I am sure you will have no problem getting approved for a car loan, especially with $8k down. Based on recent posts by people getting car loans shortly after discharge, I bet you can get a better rate. The mortgage will only hurt you if you are paying too high a portion of your income on the mortgage. I don't know whether putting time between the mortgage and car loan will make any difference.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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    • #3
      Thanks so much Lady in red. Credit these 6 years is good and plenty of income as well. Even with the mortgage we're barely at 25% debt to income ratio. I'm not sure about the time part of it but I guess we'll see. Thanks for responding!

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      • #4
        The same day. Seriously. I closed on the first house that I had built for me in March 2003. I purchased an Mercury Mountaineer SUV the same day of closing.

        The house is not the issue. The issue with car loans is primarily your FICO Enhanced Auto Score (a specialized FICO score for automobile lenders). The second issue could be your DTI (debt to income ratio) but that should not be an issue with both your hefty down payment on your home and your expected down payment on the vehicle.

        As the Lady wrote, shop your automobile loan. You may find a local credit union with much better rates (below 5.9% for a new car). If you qualify as a member for Navy Federal, they are offering rates as low as 1.99% for new vehicles (60 month term).
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

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        • #5
          When you have maintained a good credit history about your previous purchased car and others through banks or financial institutions, then it will be very helpful to immediately sanction of loans for buying either car or a house.
          [removed by moderator - advertising not allowed without permission]

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