Question on financing a T4R?

L

LUVDA4RUNNER

New member
So, I am ready to buy a T4R.
The vehicle I want is on the lot.
I am currently refinancing my home. My morgatge company is taking forever. Started this process back in October.
They have told me not to take out any new loans during this process or it messes up my credit history.
I am going to email them again tomorrow. Because I am coming off a lease and have to decide what I am going to do otherwise I will be w/o a vehicle.
Anybody have any similair experience? Is it really that big of a deal if I take out a new car loan while refinancing a house?
Thanks for any info!
 
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So, I am ready to buy a T4R.

The vehicle I want is on the lot.

I am currently refinancing my home. My morgatge company is taking forever. Started this process back in October.

They have told me not to take out any new loans during this process or it messes up my credit history.

I am going to email them again tomorrow. Because I am coming off a lease and have to decide what I am going to do otherwise I will be w/o a vehicle.

Anybody have any similair experience? Is it really that big of a deal if I take out a new car loan while refinancing a house?

Thanks for any info!
Click to expand...

Yes, an extra loan can affect your credit history. It does not "mess" it up, unless you default, but if affects your income to liability (debt) ratio.

Ask your current lease holder if they would be willing to extend your lease for a month or two, or convert it into a month-to-month lease, so you can have a vehicle while your mortgage company takes their sweet time...

Good luck. :)
 
LUVDA4RUNNER said:
So, I am ready to buy a T4R.
The vehicle I want is on the lot.
I am currently refinancing my home. My morgatge company is taking forever. Started this process back in October.
They have told me not to take out any new loans during this process or it messes up my credit history.
I am going to email them again tomorrow. Because I am coming off a lease and have to decide what I am going to do otherwise I will be w/o a vehicle.
Anybody have any similair experience? Is it really that big of a deal if I take out a new car loan while refinancing a house?
Thanks for any info!
Click to expand...

What the others said is accurate to a point, but keep in mind that while you are taking on a car debt your are being freed of a lease obligation. That might be a wash as far as the lender is concerned. Still, the smart move is to check with the lender first. If they say it is okay, confirm with a letter to them.
 
diver110 said:
What the others said is accurate to a point, but keep in mind that while you are taking on a car debt your are being freed of a lease obligation. That might be a wash as far as the lender is concerned. Still, the smart move is to check with the lender first. If they say it is okay, confirm with a letter to them.
Click to expand...

Being relieved of the car lease may not show up on your credit for months. So yeah, check with the dealer if they can do some sort of extension. At worst, get a cheap rental.
 
When I bought my house I had just paid 22k for a brand new Harley my wife had got a new Rav4 and about 4 months earlier. I got my new 4Runner about 2 months after buying our home. So in my opinion if you make enough and have excellent credit you will be fine.
 
I feel your pain for the refinancing taking forever. I started my process in August when I sold my GTI. We finally closed 2 weeks into November.

30 year fixed at 5.6% to 15 year fixed at 3.75% FTW!
 
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