{"id":92,"date":"2011-09-29T12:43:09","date_gmt":"2011-09-29T12:43:09","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?page_id=92"},"modified":"2011-10-20T18:45:22","modified_gmt":"2011-10-20T18:45:22","slug":"dont-buy-a-car-or-did-you-already-buy-one","status":"publish","type":"page","link":"https:\/\/www.anthonydidonato.net\/wordpress\/extras\/tips\/dont-buy-a-car-or-did-you-already-buy-one\/","title":{"rendered":"Don’t Buy a Car – or Did You Already Buy One?"},"content":{"rendered":"

Don’t Buy a Car<\/span><\/strong><\/p>\n

When an individual\u2019s income starts growing and they manage to set aside some savings, they commonly experience what may be considered an innate instinct of modern civilized mankind.\u00a0 The desire to spend money.\u00a0 Since North Americans have a special love affair with the automobile, this becomes a high priority item on the shopping list. Later, other things will be added and one of those will probably be a house.\u00a0 However, by the time home ownership has become more than a distant and hopeful dream, you may have already bought the car.\u00a0 It happens all the time, sometimes just before you contact a lender to get pre-qualified for a mortgage.\u00a0 As part of the interview, you may tell the loan officer your price target. He will ask about your income, your savings and your debts, then give you his opinion. “If only you didn\u2019t have this car payment,” he might begin, “you would certainly qualify for a home loan to buy that house.”<\/span><\/p>\n

Debt-to-Income Ratios and Car Payments<\/span><\/strong><\/p>\n

When determining your ability to qualify for a mortgage, a lender looks at what is called your “debt-to-income” ratio. A debt-to-income ratio is the percentage of your gross monthly income (before taxes) that you spend on debt. This will include your monthly housing costs, including principal, interest, taxes, insurance, and homeowner\u2019s association fees, if any. It will also include your monthly consumer debt, including credit cards, student loans, installment debt, and\u2026car payments.<\/span><\/p>\n

How a New Car Payment Reduces Your Purchase Price<\/span><\/strong><\/p>\n

Suppose you earn $5000 a month and you have a car payment of $400. At current interest rates (approximately 8% on a thirty-year fixed rate loan), you would qualify for approximately $55,000 less than if you did not have the car payment.\u00a0 Even if you feel you can afford the car payment, mortgage companies approve your mortgage based on their guidelines, not yours. Do not get discouraged, however. You should still take the time to get pre-qualified by a lender.\u00a0 However, if you have not already bought a car, remember one thing. Whenever the thought of buying a car enters your mind, think ahead. Think about buying a home first. Buying a home is a much more important purchase when considering your future financial well being.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Don’t Buy a Car When an individual\u2019s income starts growing and they manage to set aside some savings, they commonly experience what may be considered an innate instinct of modern civilized mankind.\u00a0 The desire to spend money.\u00a0 Since North Americans have a special love affair with the automobile, this becomes a high priority item on … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":82,"menu_order":3,"comment_status":"closed","ping_status":"open","template":"","meta":{"footnotes":""},"class_list":["post-92","page","type-page","status-publish","hentry","nodate","item-wrap"],"yoast_head":"\nDon't Buy a Car - or Did You Already Buy One? - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.anthonydidonato.net\/wordpress\/extras\/tips\/dont-buy-a-car-or-did-you-already-buy-one\/\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/extras\\\/tips\\\/dont-buy-a-car-or-did-you-already-buy-one\\\/\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/extras\\\/tips\\\/dont-buy-a-car-or-did-you-already-buy-one\\\/\",\"name\":\"Don't Buy a Car - or Did You Already Buy One? - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#website\"},\"datePublished\":\"2011-09-29T12:43:09+00:00\",\"dateModified\":\"2011-10-20T18:45:22+00:00\",\"breadcrumb\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/extras\\\/tips\\\/dont-buy-a-car-or-did-you-already-buy-one\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/extras\\\/tips\\\/dont-buy-a-car-or-did-you-already-buy-one\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/extras\\\/tips\\\/dont-buy-a-car-or-did-you-already-buy-one\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Extra’s\",\"item\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/extras\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Buyer Tips\",\"item\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/extras\\\/tips\\\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Don’t Buy a Car – or Did You Already Buy One?\"}]},{\"@type\":\"WebSite\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#website\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/\",\"name\":\"Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania\",\"description\":\"Properties and Real Estate for Sale\",\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/anthony-110x150.jpg\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/anthony-110x150.jpg\",\"contentUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/anthony-110x150.jpg\",\"caption\":\"admin\"},\"logo\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/anthony-110x150.jpg\"},\"description\":\"For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. 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He is known for finding that \u201cperfect\u201d property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently. When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting \u2013 or exceeding \u2013 his clients\u2019 expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame. 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