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alysimone
11-27-2004, 04:48 AM
hey all

im moving to GA in 06 and will be buying a home that summer. i have no car now but will obviously, haveto get one for GA...when is the best time to buy, before during or after i purchase my home...i've heard that you should do it at the same time but just wanted to check in with some others for thier opinions ..

mochacaremel
11-27-2004, 02:35 PM
To tell you the truth, it would most likely be most ideal for you to buy a nice used car from a private owner after you have purchased your house. That would probably make the most financial sense.

And it is more important to get a good mortgage with a good rate than it is to get a car loan so I would go with getting the house first.

JMO, though, perhaps others will answer.

Mocha

tran68
11-27-2004, 03:23 PM
AFTER. It's best not to purchase any big ticket items while in the homebuying process as it will lower the amount you can ideally afford for a home and I'd rather have more home than more car anyday! :D Folk laffed at me cause I drove my smokin, chokin hoopty the entire time my house was being built and yeah they have Escalades and such but still paying $1400+ in rent, whom do you think made the better choice?? B) My Saturn still looks good after 5 years and what's more it's PAID FOR!

mgtgcc
11-27-2004, 03:24 PM
Originally posted by mochacaremel@Nov 27 2004, 09:35 AM
To tell you the truth, it would most likely be most ideal for you to buy a nice used car from a private owner after you have purchased your house.
IA. The one thing I remember very clearly during the mortgage process, was that the banks were very interested in whether my cars were paid off. Banks want to make certain that the only large payment coming out of your monthly income is for the mortgage you hope to secure with their bank. It makes the process go much smoother.

HTH

mgtgcc ;)

Taqwa
11-27-2004, 03:58 PM
I concur and will say purchase your car AFTER you are given a mortgage..not during pre-qualifcation but AFTER you have closed on your mortgage.

Mocha is right, I think you should attempt to purchase a decent used car from a private seller.

cdpnapp
11-30-2004, 02:17 PM
i agree!!!

i just bought a house, but my Saturn has been paid for, for 2 years. I'm not a big person on car payments, so if you can put a little to the side and by outright, it's wonderful not having car payments.

Best of luck to you.

B)

tdhayes
12-04-2004, 08:53 PM
IA with others. Get a nice used car AFTER you get the house. If you can buy your car outright, that would be ideal. Be sure that you pull a CARFAX report and check on insurance costs BEFORE you get your vehicle. Also, NEVER buy a new car...they depreciate in value the second you drive it off the car lot.

beautiful1
12-10-2004, 02:48 AM
Well it depends. Do you plan on gettting a car leased or financed? If so then you should wait until a few months after you have purchased your home. That is for two reasons,

#1 you should not make any major purchases or get any new credit cards/lines right before buying a home, because if so your credit rating will drop and the bank will give you a higher interest rate making your house note higher, and

#2 you will tend to get better financing or leasing terms on a car after you own a home. Financing companies love to see that you own a home especially when you make your mortgage payments on time, because it shows that you are responsible.


Now then again you have to take into account that you are going to live in GA, and from what I have seen on my visits up there is that they do not have a good public transportation system, so you basically do need a car. So I would say that your best bet here is to buy a nice used car, in cash that won't break the bank. Look around for good deals. Down here you can get like a '98 camaro or nissan altima for about $3000, if you look at the right dealerships. And always ask the dealer if they offer financing, and how much the car will be if you get it financed FIRST (before mentioning any cash or what you have to spend). That is because they may say it will be $5000, and then you show them a cashiers check for $3000, they'll take it quick fast and in a hurry.


Good Luck!!!...

tangytic
12-16-2004, 02:29 PM
I would say if your financing the car do it before or after. I don't think the bank wants to see any new significant debt during the loan process.

KnappilyMe
12-17-2004, 01:14 PM
Originally posted by tran68@Nov 27 2004, 11:23 AM
AFTER. It's best not to purchase any big ticket items while in the homebuying process as it will lower the amount you can ideally afford for a home and I'd rather have more home than more car anyday! :D Folk laffed at me cause I drove my smokin, chokin hoopty the entire time my house was being built and yeah they have Escalades and such but still paying $1400+ in rent, whom do you think made the better choice?? B) My Saturn still looks good after 5 years and what's more it's PAID FOR!

623985



I was just about to say this. My car is 10 years old but she is still choaking... I used to work in collections for a major bank and i could tell you most of the people who fincanced cars and then tried to get a house or another big ticket item and/or applied for a credit card right after didnt get the second item. If you do get it, your intrest rates will be out the wazoo. If you wait until after you get your home, (at least 6 mos) then try to finance or lease a car then you would at least shown the companies that you can handle such expences...


IMO: go to the car auction and spend a few hundred on a car. a few thousand can get you a late 90's car that will last you for a long time. that way you will own it free and clear and it is one less bill you have to deal with!

MsCurly85
12-19-2004, 01:54 AM
You know what I don't have any advice on that, but I just want to tell you.. do your research before buying a car.. if you don't already... these people are notorious for over pricing cars for black women.. its a statistic(learned about this in social psychology)...


just thought i'd add in case you didn't know

they over priced my mom(and dad) on the car they bought me for graduation 1.5 years ago :angry:
I've learned from that.. thats never ever happening again.. im doing plently of research when i decided to buy a new car in the future