I'm currently 100% debt free. I've paid off my student loans in full and I don't have any other debt.
However, my car is very old and in poor condition. I could spend $10,000 on a car without a loan but that would affect how much I can put down on a house. I'm thinking about buying a $15,000 car with $3,000 down. The monthly payment would be roughly $216.
Going by the 28/35 gross income rule, that car payment would only be 3.7% of my gross income. Therefore, is it correct to think this won't negatively affect me when I apply for a mortgage?
Submitted October 20, 2018 at 01:18PM by GH675 https://ift.tt/2NTVsZ0
