Vita Moodie: Just buy an RV instead of either.....
Hilton Paiva: My loan officer told me not to get a car until the loan went through. You'll have better luck getting a home loan. Good luck!!
Shan Lanen: All of these answers are very poor and are leading you into potential finacial trouble. What you should do is keep the car you have, make do. If you go buy a car and get and loan you are loosing twice. The car will be depreciating and you'll be paying interest twice. What you are doing by waiting until after you get the house is setting yourself up for over spending. Which will tighten up your cash flow. If you got the auto loan ( I don't recommend this) before you got the house, you would be forced to buy less house because of your debt to income ratio would include the car.If you waited until after you bought the house, the auto-jerks who do financing will not care if your debt to income is 'marginal' now because of a new house. They'll be glad to ! let you over spend. After you drive off the lot they don't care!! The auto-duds don't have to follow the same rules as the mortgage industry.Things like financing and credit cards are just vehicles to keep you poorer. They drastically reduce your spending capabilities and can make your net worth decrease faster than it is going up. Remember, if your net worth is too negative you'll be in the arena for bankruptcy.Thus, my suggestion is go buy the house. Make a sizable downpayment on the home and make do with the car the car that you have. By bigger, I'm thinking you are looking at an SUV. This would absolutely be the wrong thing to do. Save and invest so that later on you can pay cash for the car. Now that you have a child on the way, you need to really put the breaks on spending and start saving for their college fund.Good Luck!!...Show more
Coleman Coscia: First things first; a car is a "liability" meaning that you ALWAYS pay more for it then you can resell! it for so it LOSES money over time. A house CAN be an "asset! " meaning it goes up in value if you buy the right house at the right time for the right price. So which makes more sense to you buying a liability or an asset? If you want to be poor then spend 110% of what you earn on living expenses. pay rent, drive new cars, get all the lastest fashions. If you want to be middleclass then spend 110% of your paycheck on liabilities that you THINK are assets. Bigger houses, newer cars, etc. If you want to be rich then learn to live on 70% of what you make and INVEST the other 30% on assets that make you money. Buy houses at foreclosure prices, live in them 2 years while painting and fixing them up and then resell your primary residence and taking a TAX FREE gain of $500,000.00 is possible. Can you buy a house for below market avg. price and live in it 2 years and wait for the market to turn around and have this tax free gain to fund your kids college? Or do you want to buy a "new car" raise your cost of living, and raise your deb! t to income ratio so you CAN'T qualify for a asset? You NEED to learn to manage your finances so money works for you and quit working for money....Show more
Mercedez Trabue: some people are so desperate to get rid of their houses before they have to foreclose that their throwing in free cars with them. i dont know where u live but there doing that all over virginia and west virginia. try and get one of them if you can.
Dedra Furguson: I think you should wait to buy the car.Banks look at income vs monthly costs, so an extra car loan or lease will reduce the size of the mortgage you will be able to get.Even if you pay cash, they also may look at you assets so having the cash helps.Is the 'home loan' for a new house/ refinance (primary mortgage) or for house improvements or to help you buy the car. (home equity)? You are better off getting a bigger mortgage and using the extra money as a bigger down-payment to your car.Home loans are tax deductable and have usuall! y have a lower interest rate than car loans. The monthy payments are lo! wer since the home loan is for 30 years and a car loan is for about 5....Show more
Bruce Calise: I would say to wait to buy a car. It sounds like your current car may be dying. If it is then instead of buying a brand new car look at the used cars. This will save you money.
Alexander Villas: Yes you should wait. wait at least 6 months (I know it will seem like forever). But you are going to need that time to reestablish your budget and to have your credit rating back to where it was before those nasty mortgage people started pulling reports on you.
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