Question : How does trading a car affect the outcome of a home loan?
I want to know if its a bad idea to trade in my $11k car for an equal value truck. I am going to be buying a home in about 4 months, and i don't want the trade to mess up anything with the home loan.If its bad before the home loan, what about after the home loan is completed? I know it would be best to just keep the car, but i need a truck.
- asked by
All Answers:
Answer #1
IF YOU NEED A TRUCK.. DO IT.A HOME LOAN WON'T BEMADE OR BROKEN ON SUCH.YOUR CREDIT IS STABLE ORNOT....
- answered by cork
Answer #2
As long as the amount you owe and the paymentsremain about the same it won't affect your creditscore or your chances to get approved for amortgage.
- answered by Howard L
Answer #3
if you are already paying a car payment and youqualify for the mortgage the new wont matterunless the payment is way out of whack
- answered by ken k
Answer #4
The only thing that would happen is that it couldpossibly show up as activity on your credit reportif the deal isn't 100% equal and you need to takeout a loan to pay the difference. If you aretrading a friend and there won't be any moneyinvolved you shouldn't have any problems, howeverif you are going to a dealership and want an equaltrade for your car they probably won't bitebecause there is no profit from the deal.
- answered by Robert
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