Buy car before closing date

[nuvvu_naakina_paalem]

They ask you explicitly on your loan application that if you have any plans to apply for new loans before closing.

 

Don't do it

[no01]

I know ppl who bought car with loan right before closing date and it delayed their loan process and closing date was postponed for a week. In that case, you may have to pay the seller (builder or current owner) a penalty for every day the closing is late. The seller could also refuse to extend the closing date, and the whole deal could fall through.  Nee contract lo motham mention chesi untadu clear ga...check all terms and conditions.

You can call the dealer and put a down payment towards the car...some X amount and tell them you are closing the house on so n so date and cant risk by applying another loan. So tell him to hold and since you are putting down payment, they can assume you are a serious buyer. 

[sarvayogi]

3 hours ago, playboys said:

Bro can we buy(finance) car before closing date?

There will be any impact on credit score , lender?

orinee dumpa tega 30-40K car kosam 600-700k illu risk chestava...that alone can be a reason lender will back out and builder will sell it to the next bidder

konchem SUGAR aapuko until closing is done

[hyperbole]

2 hours ago, playboys said:

2 months back I booked the care it will delivery next week.

Closing dates end of the month.

See you can buy it, mostly it will not be reported to credit buereau  until a month after the loan is closed but some home loan originators if they know you have a new loan might ask you to provide additional funds/justification  if your earnings to debt ratio is high, if you are in a good shape go ahead but don’t mention until someone asks 

[Sarvapindi]

56 minutes ago, sarvayogi said:

orinee dumpa tega 30-40K car kosam 600-700k illu risk chestava...that alone can be a reason lender will back out and builder will sell it to the next bidder

konchem SUGAR aapuko until closing is done

Y risk.. car ki intiki wat linku

[Thokkalee]

4 hours ago, playboys said:

Bro can we buy(finance) car before closing date?

There will be any impact on credit score , lender?

Ask all your friends for their opinion.. if someone asks you to go ahead and buy the car, he is not your well wisher.. stay away from him.. 

[sarvayogi]

34 minutes ago, Sarvapindi said:

Y risk.. car ki intiki wat linku

asale pelli kaaka edustonte marriage mundu roju U aapukoleka affair pettukuni dorikipoyadu anta okadu..aa affair edo calm ga after marriage pettuko..

here pelli means buying home

affair means buying car

[naughty15]

5 hours ago, playboys said:

I don't know dealer can wait?

I will try to call tomorrow......

No my question to others, here all says not to buy car before closing?  Just curious what’s connection between buying car vs closing house.  

[krrish4u]

18 hours ago, playboys said:

Bro can we buy(finance) car before closing date?

There will be any impact on credit score , lender?

u can only if it’s required and make sure payment is less. Payment depends on ur mortgage term like 15 or 30 yrs…..my experience is i met with a car accident which im not at fault and my car got totalled so i had no option other than to buy/ lease….i leased a car and informed my lender and he said as long as monthly payment do no cross 500$ then i should be good….this happened right before my closing 

[neekunuvvetopu]

18 hours ago, playboys said:

Bro can we buy(finance) car before closing date?

There will be any impact on credit score , lender?

There is no hard and fast rule that you can't take it.  It depends on how much your new car is and where do you stand from a debt-to-income ratio that they have.  If you, your wife both are on the loan and both of you have good income - you may be ok.  Talk to your loan officer about it and take a decision.  Do not apply and try to sneak in as someone advised.  They have a way to find that out.

[Galactus]

close chesinaka delivery teesuko , 1 week agithe safe kada

also why buying house and car at same time? seen this with many desis , idi em sync assala

ante all new house , new car , new furniture adirindayya chandram anipinchukovalana?

[pillabithiri]

You can buy macha, nothing gonna happen, it will be reported to credit in a month time, i did buy the car 1 month before closing, all pilli bithri muchatalu

[no01]

1 hour ago, neekunuvvetopu said:

There is no hard and fast rule that you can't take it.  It depends on how much your new car is and where do you stand from a debt-to-income ratio that they have.  If you, your wife both are on the loan and both of you have good income - you may be ok.  Talk to your loan officer about it and take a decision.  Do not apply and try to sneak in as someone advised.  They have a way to find that out.

thats true....closing ki inko couple weeks unte no worries..but just few days before closing appudu nee peru meeda any new loans or even closing a credit card can delay the process anthe. So delay valla closing date kuda further push avvochu and as I mentioned in previous message, you will end up paying ti seller for any change in closing date.

It all depends on your personla finance and how much worth of car you are buying etc.

[playboys]

5 minutes ago, no01 said:

thats true....closing ki inko couple weeks unte no worries..but just few days before closing appudu nee peru meeda any new loans or even closing a credit card can delay the process anthe. So delay valla closing date kuda further push avvochu and as I mentioned in previous message, you will end up paying ti seller for any change in closing date.

It all depends on your personla finance and how much worth of car you are buying etc.

Currently I don't have car.... few months back my car got totalled. WFH kabati ala nadupusthunanu.....mover ever I am on east coast and new home was in Texas....

My other option car 1 month ki rent thesukundam ani planning if car dealer can accept it.

Any way home is more important than car.....

[vishesh]

On 5/4/2022 at 10:48 PM, pakeer_saab said:

3-6 months enduko

home closing ki 30 days or less mundhu loan will approve, most banks will not approve auto loan with in short gap after home loan, simple logic.