Refinancing Home Mortgage
In: Mortgage Lenders
18 May 2010My husband is the breadwinner in the family (I am at home with our 4 young boys) and he had a bankruptcy back in 2003. Anyways, his credit is not the best however, in 2006 we obtained a mortgage after some struggles due to his credit.
My question now is, how hard will it be now to get an auto loan after getting a mortgage? We are in need of a new car, and I don’t know if I should even bother going to the local banks, or if I should go directly to a subprime lender. Any advice will be appreciated! Thank you….
This is about mortgage information questions.
11 Responses to Is it harder to get a mortgage or an auto loan?
anuhyi
May 18th, 2010 at 4:38 am
I would try to get financing at the dealer. They work with a lot of different banks and will do the work for you. And 99% of the time we can get you a lower rate than if you walk into the bank yourself.
Before all of the problems with the housing market it was harder to get a loan on a car than a house. (hard to hide a house) But now I’m not sure.
miwls59
May 18th, 2010 at 5:17 am
The credit market has tightened considerably but obtaining a car loan is considerably easier than a mortgage. Consider buying a nice returned-from-lease or pre-owned vehicle rather than new.
You will probably pay in the range of 12-18% due to the earlier bankruptcy – which stays on your credit report for a full ten years.
walter chaos
May 18th, 2010 at 5:43 am
cars are much easier and your hubby has been putting it off (((( trading cars )))) because you want more car than he can afford ……… go to the dealerships (( more than three and shop good used cars )) and talk to the salesman and see what´s being offered …….. DO NOT let theM sell YOU A CAR THAN IS NOT RIGHT FOR YOUR FAMILY …… check what the payments are like and see what you can get for the best price and the easiest payment .. … you shopped for a house ( now be careful about shopping for a car )))….. happy motoring ………
misty m
May 18th, 2010 at 6:30 am
It is usually easier to get the mortgage, the reason is the house is not going anywhere (the lender can sell it and find it) a car could be a 1000 miles away.
Plus many mortgages are backed by the gov’t, no car loans are.
Just make sure to deal with a lender that will report to the credit bureau, pay on time, and refinance in a couple of years. You will get your credit back.
Good luck
!0 yrs in auto biz and Real Estate investor
Me M
May 18th, 2010 at 7:21 am
It’s harder to get a car loan. With bad credit it’s hard to get either though.
Stupid Flanders
May 18th, 2010 at 8:19 am
2 years ago, it was easier to get a mortgage. Your husband would likely not be able to get a mortgage in today’s market without a huge amount down.
Today, it is much easier to get a car loan, but the interest rate will be much higher.
With bad credit, you could pay 20+ % on a car loan. If you had that kind of interest rate on a mortgage, you could never afford the payment, so they don’t even offer them.
The ability to get a car loan is going to depend on the combination of your debt to income ratio and your credit score.
I would avoid a subprime lender at all costs, if possible.
If you are forced to go this route, get something used that you can get around in until you can afford something new without paying an outrageous amount in interest.
With ok credit, anything below 8% is a good interest rate.
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May 18th, 2010 at 9:10 am
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May 18th, 2010 at 9:35 am
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sm1has2
May 18th, 2010 at 9:56 am
The question of the day is how is his credit post bankruptcy? I know you said it is not the best, but is it because of new bad credit or because of the bankruptcy? If he has no bad debt since BK, then you shouldn’t have any problem getting a loan post bankruptcy. You’ve had 3 years to make good and probably can even get a semi-prime rate at 10% +. If he’s been a dirty bird since BK, then you can probablly still get a car, but you’re going to pay more interest. The second question of the day is… Is the mortgage currently current? If not, it’s going to be really tough, if it is, you’re golden.
BK + bad credit isn’t any worse than bad credit by itself. Either way, the bad credit consumer will end up usually paying the same high interest rate.
If you can tell me a bit more about post BK credit history, I can most likely guide you in the right direction.
Good luck,
Mark
PS: Going to your local bank/credit union and taking the hit on your credit report is always worth trying. Especially if it is your bank.
Victoria Dingley
May 18th, 2010 at 10:05 am
Hello,
In regards to your question, i would advice you to visit Clarkson Micro Finance Incorporated.
Few months ago when i had a bad credit a friend of mine introduced me to them, Inspite of my bad credit they were able to lend me a loan of 25,000, British pounds within the space of two days of which i used to revive my business, I think you too can do the same as well, regardless of your nationality.
You can reach them via clarksonloaninquiry@yahoo.com
Sincerely,
Victoria Dingley,
From Newcastle, England.
Helen Peter
May 18th, 2010 at 10:18 am
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