Saturday, March 19, 2016

Will I have issues getting a car loan because I just took out a mortgage and have credit card debt?


I just bought my first home and took out a mortgage. I've only been paying on it for 3 months now. Because it's a new loan and i had multiple credit checks during the process my credit took a few hits. In the past few months i have had a few things i needed to charge on my credit card for the house and my old car, which has seen better days. I need a new car and can't hold off much longer. However my credit dropped from 741 to 684, and I have a couple thousand in credit card debt but have never made a late payment and sometimes pay over the payment due. I'm afraid this will prevent me from getting a car loan approved. I have already saved up for a down payment but I'm afraid I'll get turned down. I have very small mortgage payments ($315) and make enough money to afford a car payment but I'm afraid this won't matter. What are the chances I'll be able to get a $20,000 car loan?

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