For the last six months I have been waiting to use the car when my DH was home (he uses it all day at work so fall out of it is not possible). It is a big disadvantage because he works all day five or six days a week. I want to get a car loan and buy a reliable car to drive the kids around while DH is at work.
The problem is that we have an arm that should change this summer. I do not know whether or not we want to refinance. As a new car will affect the loan? Will it hurt our chances of refinancing?
Reply:Be safe, refi before you get a car if you can, you'll want to know your new mortgage payment anyways before making a purchase I'd think.
Reply:If you finance the new car then the payment will be included in your debt to income ratio. If you pay cash/don't finance it then no car payment would be included in your debt ratio obviously. Also, a new trade line on credit can sometimes bring your scores down for a little while (4-6 months). So if your debt to income ratio & credit scores can absorb it then it is something you should look into. If you don't want to jeopardize or inhibit your chances of qualifying for the refinance on the mortgage, you should find out what your mortgage options are now vs. what they could potentially be once you take on the new car payment.