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Applying for a mortgage, about to buy a car

  • 26-11-2019 7:36pm
    #1
    Capra
    Registered Users Posts: 197 ✭✭


    I will be applying for a mortgage with my fiance soon. We are told we would get a mortgage up to 280,000 but we will only want about 150,000 - 180,000. I am currently driving a few different older cars but I was thinking of selling one of these for approximately €6000 (which is about 4500 more than I paid for it. Although if I put it in one of our sheds it is a low mileage appreciating classic so if I dont need to sell it I won't) and getting something more modern. The car I want costs 22500 and would require a loan of between 15-20,000 as I don't want to eat into my savings that I will need for the mortgage deposit.

    What way should I go about this?


Comments

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 13,588 ✭✭✭✭Geuze


    Any borrowing, i.e. car or personal loans, will affect the amount the bank are willing to lend.


  • #3
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 83,135 ✭✭✭✭Atlantic Dawn
    M


    Get the car after you get the house.


  • #4
    Capra
    Registered Users Posts: 197 ✭✭Capra


    Will the mortgage make it any more difficult to get the car loan? Its not a huge amount.


  • #5
    closifer
    Registered Users, Registered Users 2 Posts: 478 ✭✭closifer


    Wait until after mortgage is drawn down to get car loan. We got one two months after drawdown with no-issue.


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