Car loans

[Deucers]

Looking to get a new vehicle and am wondering when they pull your credit report can they see:

1)if you have a mortgage?
2)what the monthly payments are?

I know they would be able to see that you did credit checks (but that don't mean you have one), but not sure if the dealership can see if there actually is a mortgage.

[QuasarCav]

I would imagine that a credit report would contain details on what kind of credit you are using.

[Deucers]

I do remember a while ago talking to someone and they stated that credit reports don't show your mortgage information, just the inquiries you were making in order to get one.

[craigcd]

I didnt think this showed on your credit report, i could be wrong though.

[snowboard]

why lied to a dealership about having one? hahaha

[Cruz]

Originally posted by Deucers
I do remember a while ago talking to someone and they stated that credit reports don't show your mortgage information, just the inquiries you were making in order to get one.

Correct. Mortgages do not appear on your credit report.

[Deucers]

If I lied then I wouldn't be here asking the question as I would know the answer.

I was looking at a car that I fell just short of getting because the debt ratio. If I pay off my Mastercard I would be fine. Or if I put another 4k down.

[Annoyingrob]

My advise: don't put yourself in over your head in debt just for a car. It sounds to me like you don't need another monthly payment. Drive a beater for a while longer, and pay down your credit card.

[adam c]

credit checks provide all the information a FI will need to determine ur credit and risk

Current loans
Credit Cards
Debts
BRR and Credit Scores

this also includes missed payments
also everytime someone does a credit check on u, it impacts ur credit rating so its a good idea not to have one every so often

a lot of people get themselves 'car poor' which means u are putting over 40% of ur income into ur car

any FI wont lend u more then 42% of ur yearly income to get a car

(dont ask me tho.. i just work for the bank :burnout: )

edit..
also if u have a house and it has rised in value, u can get something called a HELOC (home equity line of credit) which will allow u to get .. a line of credit .. based on the increase value of ur house .. which will be secured by ur mortgage .. dunananananaaa

[Supa Dexta]

They want to know all of your bills, so they can grade you. I can't remember the numbers, but something like if 40-50% of your incomes already accounted for and then they either can't offer you one, or the interest rates climb, from what I remember