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Old 10-10-2012, 09:49 PM   #21
Scooby Newbie
Member#: 161298
Join Date: Oct 2007
Chapter/Region: TXIC
Location: Houston, TX
2006 Baja Turbo


Looks like he's selling/sold it:

OP, why sell such a beautiful car only to put yourself into massive debt (for 6 years!) by buying a new one?! If your current STI is paid off, just enjoy it; if it's not, pay it off or sell it and use the proceeds to pay cash for a cheaper car. What you're talking about doing makes no sense.

EDIT: You posted while I was typing, so I'll just respond here. I guess what's done is done, BUT -- 707 is a fine credit score. The evidence of that is the fact that you were just able to finance for 72 months at an awesome rate. You can buy a house just fine with a 707 credit score. What matters most when buying a house is how much CASH you have on hand when you buy, and what your debt-to-income ratio is. So while you could be banking $500 a month to buy that house, now you will be forking over $500 a month to pay for a depreciating asset while having a higher debt-to-income ratio. Buying a new car is the LAST thing you should do if you're considering buying a house. I speak from experience, having purchased two houses now.

Maybe it's not too late to back out!
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Last edited by Winston; 10-10-2012 at 09:59 PM.
Winston is offline   Reply With Quote