Can I still get a home loan if i get a auto loan?

i want to get a auto loan but my moms friend said if i get an auto loan i wont be able to get a home loan. is this true?

Can I still get a home loan if i get a auto loan?
true, get a home loan and you will be able to purchase both at once.
Reply:Depends on how big your auto loan is going to be.





I suggest you buy a used car with cash.


That way, you don't have to worry about being over your head in debts.


My vehicle is a paid-for 98 Ford truck, and it still runs fine.


I just set aside $80/month cash for the inevitable trip to the shop, but that's a lot less than a car payment, and new cars break too.
Reply:Depends on your income and other loans (e.g any student loans, outstanding credit card balances, etc). It is still possible as long as you prove you can make all of your payments and have a good credit rating.
Reply:It depends on your credit and your income. All banks will look at your debt ratio. Monthly loan pmt/monthly income and total monthly payments for all debt/monthly income. The guidlines may have changed, but it used to be 28%/32%. The lower the better. If you make $40,000 per year, they would want to see a home loan pmt under $933/mo and total payments under $1,066 (933/3,333 = 28%, 1,066/3,333 = 32%).





Hope this helps!
Reply:That depends on your credit score. If you have excellent credit then you can probably get both at the same time (or within a short time period).





If your credit is any less than excellent, you will probably have trouble finding a financial institution willing to take such a large risk. You will have to pick one.
Reply:You would be able to get a home loan if you had a car loan. However, it would be better for you to get the home loan first. The lenders will look at your debt-to-income when they calculate what you can afford and your interest rate. If you got a car loan, that would affect your home loan rate and make it higher.





So wait on the car loan if possible.
Reply:If you are looking to get both soon, I would get the home loan first. The home loan is more stringent in applying the credit than the auto loan. Your total payments with an auto loan may be too much to get a good home loan.





Otherwise, what is you friends mom smoking? Do you think that peopl with auto loans don't buy houses?
Reply:Depends on how much money you make. If you make enough money to pay them both and money for your bills and have money left over they should. Of course it also depends on your credit and your job history.
Reply:Depends on your income, bills and credit. Do you have any established credit? How much of an income do you have?