Updated over 8 years ago on . Most recent reply
Would Leasing a vehicle effect me from being approved for a home?
Hello, For a few years now i was not able to be approved for a Loan to purchase my first home because of a high car loan. I no longer have this vehicle in my possesion and am not held responsible for the car loan anymore. However, i was curious to find out if i decide to lease a vehicle for a few years if this has the same effect of having the prior car loan? Would i be in the same situation as before. Any info would help.
Heather
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
Fleecing, I mean leasing, a vehicle is the most expensive way to have one. Some do it as a tax strategy with their business, but overall it's a bonehead move if you want to build wealth. You are renting a car with high penalties and a lot of rules. What???
Third times a charm. You've borrowed for a car. What happened to that 'equity'? LOL Now you are considering leasing a car. Let us know when you decide to buy a functional good enough used car outright and we will celebrate with ya @Heather Chavez!