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?"

Answer
“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.”
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Eric Schad
Answered on Jun 07, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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