09/16/2022
⚡️Why can buying a car before buying a house be a bad idea?
1. buying a car will impact your credit - The act of applying for a car loan can temporarily reduce your score, too. Lenders do a hard inquiry when you shop for car loans, which can drop your score a bit.
2. Buying a car limits your purchasing power- Lenders want to see that you have the buying power to pay your mortgage on time and in full every month.
3. Your pre approval could fall through- If you did the smart thing and got preapproved for a mortgage loan, that’s great. But if you get a car loan between that preapproval and closing on your home, you might find that your funding dried up.
