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How a New Car
Payment Reduces Your Purchase Price
Suppose
you earn $5000 a month and you have a car payment of $400. At current
interest rates (approximately 8% on a thirty-year fixed rate loan), you would qualify for approximately $55,000 less
than if you did not have the car payment.
Even
if you feel you can afford the car payment, mortgage companies approve
your mortgage based on their guidelines, not yours. Do not get
discouraged, however. You should still take the time to get
pre-qualified by a lender.
However,
if you have not already bought a car, remember one thing. Whenever the
thought of buying a car enters your mind, think ahead. Think about
buying a home first. Buying a home is a much more important purchase
when considering your future financial well being.
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