For many, houses and cars are necessary purchases in life, especially if you are faced with a situation where you might ask, “Can I apply for both mortgages and car loans?” The answer is yes, you can apply for both a mortgage and a car loan if you have enough credit。

The mortgage and the car loan can go together

IN FACT, YOU CAN EVEN HAVE MULTIPLE LOANS, INCLUDING BUT NOT LIMITED TO MORTGAGES AND CAR LOANS. HOWEVER, YOUR DEBT RATIO IS A KEY FACTOR IN DETERMINING WHETHER YOU ARE GRANTED A LOAN. IN SHORT, YOUR DEBT RATE IS YOUR MONTHLY DEBT RATIO AGAINST YOUR MONTHLY INCOME. IF THIS RATIO EXCEEDS 501 TP3T, WHICH MAY MEAN THAT YOU PAY MORE THAN HALF OF YOUR INCOME PER MONTH TO REPAY THE LOAN, THEN THE BANK MAY THINK THAT YOU DO NOT HAVE THE CAPACITY TO REPAY IT, THEREBY REFUSING YOUR LOAN APPLICATION。

If you default on your loan, you'll face a series of negative consequences. First, failure to pay on time will seriously affect your personal credit and, consequently, the possibility of applying for other loans in the future. Second, the loan institution deducts overdue interest on the loan and default money, and you need to know that the longer the loan is overdue, the greater the amount of compensation. Finally, if your loan is seriously overdue and in large amounts, you may also be sued by the loan institution. If you do not repay the loan after the court ruling, you may be included in the “List of Untrusted Executors” and then you will not be able to enjoy rights such as taking high iron, flying, etc。

So, while you can apply for a mortgage and a car loan at the same time, you also need to consider your solvency and personal credit loss. After all, irresponsible lending has a series of negative consequences。