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I bought a car 20days before closing day which is Monday will it show on that last inquiry they run?

my car broke, I needed a car to go to work so I got a loan for a new car  problem is I got it 20 days before my closing date which is this monday and Im so scared I wont get to close due to the car loan, will it show on the credit report they check before closing? I got the car because I know I can afford it and the house and besides that i have no other debt I dont even have a credit card, so will the lender see it? will it hurt the mortgage loan? 
  • September 15 2013 - US
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Answers (4)

I  always  speak to my buyers who are under contract not to make any big purchases or open any new accounts or withdraw or make any large deposits- any changes will need an explanation most of the times by the lender and it  could alter the outcome of the closing.

The car  inquiry will show up and it may be too early for the car loan to actually report on the credit - but be prepared to have an explanation for this added inquiry on the report-

I hope this does not alter your debt to income ratio

Good luck

  • September 16 2013
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The inquiry for the loan will definitely appear on your credit report.  Whether or not the new loan actually shows depends on the lender who gave you the loan.  They may not report for 30 days.  You will still have to explain the inquiry.  Don't fail to disclose if asked.

You must contact your agent or the mortgage originator (bank or broker) and ask them.  The new loan will increase your debt ratio.  Only the bank can determine if this will undermine your qualification for a loan.

That close to closing you should have tried to come up with an alternative for 20 days.  A rental car or borrow a car.
  • September 15 2013
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Not a good idea, your realtor should have explained that...no major purchases till after.
I have seen where that exact thing has cost people there home.
I hope you didn't blow it.
It will rely on how the lender sees it, their all different.
-Joseph-
  • September 15 2013
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Profile picture for NinaHarris
Yes the lender will see it.  It's never good to make a major purchase prior to closing.  The bank will need to look at your debt to income ratio inclusive of your monthly car payments to determine if you can still make the mortgage payments.

Good luck
  • September 15 2013
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