How a car loan affects your first home buying power
Having a car loan can limit your borrowing power for a first home, but it's not always the case – especially for higher income earners.
Full transcript
Does having a car loan affect you buying your first home? Short answer is yes. A car loan is a debt. So a debt will always affect how much you can borrow.
Not always will this be the case if you're a higher income earner. Sometimes we can keep the car. Sometimes in past, I've had clients sell their car, get the mortgage and then go out and purchase the same car or another car after.