Does buying a car on credit affect your mortgage rating?
Answers:
Any debt you incur will have an effect on the rate you might get when applying for a mortgage. Good credit is essential in order to get the best possible mortgage rate, but the amount of debt is also a prime consideration. A person who carries a lot of consumer debt and has excellent credit may very well pay a higher mortgage rate because of the risk of becoming overextended. It is best to pay off as much debt as possible before applying for a mortgage.
Good luck with your situation.
Other answers:
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probably. when you buy on credit, its not the vendor giving it to you on credit. they'll be paid by a bank then you owe the bank so technically you getting a loan.
Depends on if you borrowed money to buy the car or not.
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yes they take into account all of your incomings and outgoings when applying for a mortgage,when they do the credit check all of your credit will be shown!
Anything that affects your monthly debt to income ratio will be looked at when you are applying for a mortgage. More than just your total debt they look at what your monthly debt payments are in relation to your monthly income.
it wont give you a poor credit rating, provided you keep up the repayments. In fact, getting things on credit and loans is good for your credit rating if you make the regular repayments because it shows you will honour the repayments of your loans.
However, when the mortgage lender works out how much you can afford to repay each month, they will take your car repayments into account so they may not be willing to lend you as much
as long as you keep your repayments up you will be fine, they do however look at your incomings and outgoings to see if you can afford your morgage repayments best of luck.
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