Should I Buy A Car Or House First? How To Decide
Author:
Lauren BowlingDec 28, 2024
•7-minute read
Ah, adulthood: an entire world of new possibilities and financial decisions. If you’re in the fortunate position of having steady income and a little bit in the bank, you may be wondering if you should buy a car or a house first. The answer depends on your own set of circumstances, but if you’re worried about a car loan impacting your ability to qualify for a mortgage, read on.
Should I Buy A Car Or House First?
Whether to buy a car or house first is a personal choice that depends on the borrower’s goals, their financial situation, how long you expect to be keeping a car or living in that home, and which of the two is a more logical first purchase. You might need a car to get to work, or you might be moving to an area where you can do without one for some time. Keep in mind that any additional loans taken out can affect your debt-to-income ratio and credit score, ultimately impacting your next purchase.