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Can you get a mortgage while paying a car loan?

My girlfriend and I just started looking at houses together. We're really excited to become first-time homeowners, but I recently financed a new car. Is it possible to get a mortgage and a car loan at the same time?

avatar
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sounds like an exciting new chapter in your life! Adding a mortgage on top of a
car loan
 is possible, but it’s more difficult. 
When you took out a car loan, you increased your debt-to-income ratio (DTI). The higher your DTI, the lower your chances of being approved for a mortgage—and even if you are approved, you might receive less money than you hoped for. 
The first thing you and your girlfriend should do is
check your credit scores
. Good credit ranges from 740-799 and fair credit from 670-739. Anything less than 660 is bad credit and bad news for your chances. 
A good credit score will help convince your bank that you’ll be able to make your payments on time. The two of you can make your credit history more complete by adding previously uncounted bills. Or by getting a personal loan and paying it off fast. The higher your scores, the better your chances will be of getting approved for a mortgage.
Good luck!
MORE: Easy things you can do to improve your credit score quickly
MortgageMortgagesCredit ScoreHome Buying
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