Does Paying off a Car Loan Affect My Ability to Qualify for a Mortgage?
Our team at Good Fellow's Auto Wholesalers has heard this question time and time again when people enter through our front doors: "Does Paying off a Car Loan Affect My Ability to Qualify for a Mortgage?" If you are wondering about this question yourself and are interested in learning the answer to it, you're in luck because our team would like to answer it in our blog post today. Both a car loan and mortgage loan are known to be the two biggest financial purchases for Canadians. This is why it is crucial to get this question answered in the most transparent and justifiable manner. The simple answer to this question is that both of these loans can affect one another but not necessarily in a bad way. Let us explain. Payment History Both a mortgage and car loan will take a look at your credit report and how well your ability is to repay the debt you owe. This can be considered quite a good benefit, and as long as you are continuously making your car payments on time, mor...