dealcatcher
New member
I'm planning on refinancing our house in the next week or two and we also have a car that we're picking up from the dealer today. I know it's best to purchase the car after the refi so as to get the best rate possible but things didn't work out that way. Our credit scores are pretty high (780+) and I need some advice on the following:
We've saved enough cash to pay down a good chunk of our principal so we can refi down to a 15yr without changing our current monthly mortgage. We can also pay for the car in cash but I can get an attractive 1.59% on the auto loan which is why I would prefer to put more cash towarsds the house instead of paying off the car. However, I'm a bit worried that taking out a car loan before I refi is a bad decision. Should I pay the car in cash (even though the rate is lower) so as to not adversely affect the refi? Any advice you can shed would be appreciated!
We've saved enough cash to pay down a good chunk of our principal so we can refi down to a 15yr without changing our current monthly mortgage. We can also pay for the car in cash but I can get an attractive 1.59% on the auto loan which is why I would prefer to put more cash towarsds the house instead of paying off the car. However, I'm a bit worried that taking out a car loan before I refi is a bad decision. Should I pay the car in cash (even though the rate is lower) so as to not adversely affect the refi? Any advice you can shed would be appreciated!