Don't Buy A Car While Buying A Property!
Okay so I have a big, important message for you today.
Note: This is not financial advice and not to be taken as such.
Don't buy a car while you're buying a house, or any property!
Don't buy both at the same time!
Why, you ask...
Let me explain why!
When you go to buy a property, you're usually getting money from the bank.
Now, the bank looks at your credit score and they say, "Okay, we'll give you money because based on what you currently earn, currently owe, currently have as a credit score, we can give you money!"
Now they say, "We'll give you money, but we will release it only when the paperwork and transfer on this property sale is done!"
This takes about 3 months of paperwork, paperwork!
And at the end of it, the bank pays you out... if all remains well!
But, just before they pay you out, what they do is they look at your credit score one more time...
And they check if anything changed...
Did you get into other debt?
Did you go and take more loans?
Did you buy other things that we didn't know about three months ago?
And when they look at that, they check for any big purchases - especially which require a loan...
If you've bought a car at that time with a loan...
They will take away the money for the property and the whole deal can fall through!
I've seen it happen.
So you need to not buy a car, or other expensive items, or get into more credit, or take more loans while buying a property.
Get your property sale all the way through.
Get the bank to pay you out.
Get that to a done.
Own the property fully.
And then you can look at what your next big purchase might be.
And of course, keep up with your payments for every loan you take.
But don't do it while in the process of waiting for money for a property to pay out.
Many people miss that, and it messes things up often.
So, I hope that helps...
Don't buy a house while you're buying the car, ok?
If you'd like more interesting information about bridging finance, about real estate, about how to get a bond, speak to us - we are here to assist you.
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