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If you're that tight on funds, perhaps it's not time to buy a home.
I'm not tight on funds -the issue was whether to actually get an auto loan before closing. I'm not putting 100% down on the car at this time, I have another investment account giving me a better return at this point in time and would pay off the car loan at a later date.
First and Foremost, $8,000 should keep your car on the road for a significant period of time. Neither of the two big issues that will come up at that age (head gaskets or transmission) approach $8,000.
Second, for that price range I would be less inclined to buy from a dealer. I would look private party on Craigslist, and take it to your mechanic to look it over before buying.
If you're that tight on funds, perhaps it's not time to buy a home.
The car loan will screw up the mortgage. $8,000 liquid cash earmarked for a new used car and purchasing a new construction home isn't what I would call tight on funds. It's among the more financially wise decisions you see out there.
as has been said, the only question that matters right now is .... what will your mortgage lender allow you to do?
I agree. If you can get your mortgage with a new car, do both. Whatever you do, have a trusted mechanic check any proposed used car purchase.
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The car loan will screw up the mortgage. $8,000 liquid cash earmarked for a new used car and purchasing a new construction home isn't what I would call tight on funds. It's among the more financially wise decisions you see out there.
