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Should I get a car loan or a mortgage first if I'm buying both around the same time?
"I want to buy both a car and a home within the next six months.
Is it better to apply for the mortgage or the car loan first?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“A home is a far more expensive purchase and one that’s probably more important. In this case, you’ll want to apply for and close on the mortgage first.
This will impact your credit with a hard inquiry, but it shouldn’t lower your score too much. Once you close on the home, you can apply for the car loan.
Keep in mind that the auto lender won’t just look at your credit score but also your income and debt-to-income ratio. If you make enough money, you can certainly get approved for the car loan, provided you have good credit.”
View full answer
- Gregory R.
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