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| *Loan,banking and credit>>>auto loan |
What does a bank look at when you apply for an auto loan? |
Mostly I want to know if I should pay off my husband's truck before or after I apply for the loan for my new car. Which will look better on our credit reports when we are looking for financing? (It's going to be bank financing, not through the dealership.) Pay off the first loan, and then your debt ratio will be lower and you will qualify for a better rate on the new car!! Source(s): 26 years in the auto business You have to have excellent credit, no repos, no bankruptcies and yes it wouldnt hurt to pay off hubbys truck first before making any new auto purchases. My parents have owned a used carlot for over 30 years now. If you are smart and want to win in life you will not get a car loan. Never borrow on a car. what i would personally do is pay off the truck and then what money was being used for the truck payments use that money to help pay the student loans. |
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