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Lisa's answer is extremely simple:
Please don't.
At least not without talking to the lender first.
You are about to complete a mortgage.
This is not the time to celebrate by financing a new SUV.
WHY DOES A CAR LOAN MATTER?
Mortgage qualification can consider recurring debt obligations.
A new $700 monthly vehicle payment did not exist when you were originally preapproved.
Now it does.
That can affect debt-to-income calculations and underwriting.
WHAT IF I CAN AFFORD BOTH?
Maybe you can.
The lender needs to determine that under the loan guidelines.
Your personal opinion that:
“I make plenty of money”
does not replace underwriting.
WHAT IF MY CURRENT CAR BREAKS DOWN?
Real life does not stop because you're in escrow.
Call the lender.
Explain the situation.
They may be able to model what happens if you finance a replacement.
The point isn't never buy a car.
The point is:
Do not surprise underwriting.
FURNITURE COUNTS TOO
Buyers frequently make this mistake.
New house means:
- New sofa
- Dining set
- Televisions
- Bed
- Appliances
They open multiple store cards or finance thousands of dollars.
Wait.
Measure the rooms.
Close the house.
Then decorate.
LISA'S RULE
From accepted offer until closing:
Be financially boring.
It's temporary.
And boring is beautiful when underwriting is involved.
Visit what not to do before closing for the complete list.
