Updated over 16 years ago on . Most recent reply
How will a car loan affect my ability to get an investment loan or FHA loan?
My fiance and I are getting ready to purchase a new vehicle for us to share and split payments on. However, I remember something a past employer said to me once. They strongly suggested that I have any car loans paid off before seeking loans for a home. My fiance and I make around $105,000 yearly combined gross income. My fiance currently has a school loan taken out, but it is not in her name, however it is reducing her cashflow by $600 a month. Her credit score averages about 720 whereas mine is closer to the 780s. I will most likely be the one taking out the investment loan(s) but I'd prefer to put the car loan under my name for the better interest rate on the car loan. The car loan will be for around $12,000. What should I be considering when pondering who should take out the car loan and how this will affect my ability to take out an investment or FHA loan in the near future? Thank you for your feedback.