Should I pay off my car loan before applying for a mortgage?

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Should I pay off my car loan before applying for a mortgage?

I plan to applying for a mortgage in approximately 8 months. I currently owe $7700 on my car. Will paying the car loan off early have a positive or negative impact when applying for a mortgage?

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Anonymous
6-07-2015

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Yes, if you can pay off your car loan faster, then that will improve your credit rating. Good credit means comfortable loan terms and conditions. However, you need to ask your lender first whether there is any pre-payment penalty for doing so or not.

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Caron | Asked on 2015-07-07

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