Mortgage first, or car?

[MarvBear]

If you come to a dealership with a pre-approval document, it is just that. Final terms and pricing are dependent on the LTV, year, make, and model of vehicle, and term. So as a dealer I could only guess at the APR, and I have been surprised too many times I just pass on trying to guess an APR. One must actually submit the particulars of the loan for a final consideration and approval.

 

If you question is about what to do first regarding the house or vehicle, then I think a home is more important than an automobile. I would work towards taking care of the derogs on your credit file(s) and since the finance amount on the mortgage is far greater than an automobile, it would make sense to me to work toward the refinance on your home first. You can always get an automobile loan.

 

Just my 2 cents.

[shifter]

Why not just help the OP get started, guys? The journey of a thousand miles begins with one step.

Of course that's why I've given him nothing but help. The OP has a chronic financial condition but is in denial and delusion. He's asking the wrong questions and responding to anyone who dares to point out reality by rationalizing his situation and calling them elitists.

 

He's not going to be served by advice on whether he should go for the car, mortgage or personal loan first, which seems to be the only question he wants answered, so that why I unfollowed.

 

OP, I'm more than happy to continue to try to help when you are emotionally ready to dive in.

[Joe6805]

Shifter,

 

I never mentioned a personal loan, so not sure where that came from. But youre right, I did ask whether to do the mortgage refi or car first. That was, and is, my biggest question (whether one approval first would threaten the other, and vice-versa). Didnt ask about what my approval odds were, or whether I had 0 chance (as you put it).

 

My only gripe here are the assumptions. You assume that I have a chronic financial problem, and also that I thought 14 and 15% was a good interest rate. I never said either of those things.

 

Have we had financial trouble before? Sure, hence why my credit is sub-par. But from a year ago this time, my FICO is up 130 points from where it was. To imply that I have a chronic financial condition and am in denial and delusion is, again, nothing but belittling.

 

I appreciate anyone trying to help, just think it could be done in a way that doesnt point out the obvious just to make him or herself look superior.

 

Thanks,

 

Joe

[shifter]

I got the personal loan from you.

 

Wife and I would like to refinance our mortgage and combine the 1st and 2nd mortgage, and a personal loan.

just because I point out your condition doesn't mean I'm belittling you or making myself superior. if you've read my threads here you would know that I have a chronic financial condition. I went through a bad CO rebuild many years ago and yet here I am again rebuilding from a huge BK. we all have our flaws. just because someone is honest with you about your flaws, that doesn't mean they are judging you or don't recognize their own flaws.

[Joe6805]

Thanks, shifter.

 

By personal loan, I meant refinance the mortgage to consolidate the current personal loan into it. Sorry for the confusion.

 

I havent read any of your threads, and Im not saying youre a bad guy. I sometimes lose track of the fact that tone and inflection cant travel through written words, and sometimes take things the wrong way. Im sorry if Ive done that here.

 

Anyway, the refinance can wait. I will probably still try to buy a car this summer, as Ive been driving the same one since 2005. So, hopefully if I can get these collections removed and get a little over a year under my belt since the lates, Ill be in okay shape. Not expecting prime interest rates, but hopefully high single digits may be attainable? Thoughts?

 

Thanks,

 

Joe

[legaleagle2012]

You have Midland on your report? What account did they buy?

[Joe6805]

You have Midland on your report? What account did they buy?

Was one from Care Credit, I believe. Just over 3 years old.

 

Joe

[Fergie73]

I had a capital one auto loan at 8% interest with zero down. I refinanced it a year later through the credit union at 3.49%

[Joe6805]

Always an option too, Fergie. Thanks!