I would like a car loan now, but also want a home loan later.
Should I apply?
Q.
I want to buy a car and I have the money to do so, however I
also want to buy my own apartment in a year or so. Should I apply
for a car loan?
A.
You should be talking to a loans officer now to see if repaying
a personal loan will affect your eligibility for a home loan.
Another factor is whether you will be liable for higher mortgage
insurance if your house deposit is reduced if you use part of your
cash to buy a car.
Each week financial advisor Noel Whittaker answers your
questions.
