Video answer: Can you get a mortgage with a car loan?
Top best answers to the question «Can you buy a house with a car loan»
Your Income and Debt-to-Income Ratio Can Take ItIf you have a high income and low debt, adding a car loan may not impact your ability to buy the house you want… That being said, you shouldn't max out your debt-to-income ratio just because you can. And you should also be cognizant of your monthly expenses.
Video answer: How auto loans affect home loans and debt to income ratios
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As lenders go through your financial history, it's not uncommon for past financial choices to come back to bite you, and possibly even prevent you from qualifying for a home loan. It's for this very reason that purchasing a car before buying a home is a big no-no. Whether you’re looking to buy a 2020 Tesla Model S or a 2003 Chevy Silverado, an auto loan will affect your ability to purchase a house no matter what the amount. Here’s why.