Is it easier to get a car loan or a mortgage?
I know this is probably a ridiculous question but I recently applied for a car loan and was rejected due to my lack of credit history. I had to have a co-signer and since then have not missed a payment and made a substantial payment towards the principal, ($ 1400.)
I am interested in purchasing a house in the next year and called a lender just to see what I would need to do to get approved for a loan. I explained my lack of credit history and she said that there are ways to work around that.
So my question is, are there different guidelines for getting approved for a mortgage verses getting approved for a car loan? Since I am a first time buyer does that improve my chances for a loan? Or do they all go by the same guidelines?
Actually Zarg- I earn 1/2 of the total value of the house (and loan) annually which is way over the requirements of all lenders.