Posted by Ed Garcia on February 23, 2001 at 09:44:51:
No, I think someone gave you one lenders policy. The rule of thumb I’ve seen is 3 to 6 months. My suggestion is to put it on your application; they’re going to pick it up anyway when they do your credit check. I don’t want them to think that you’re trying to with hold information to qualify for a loan. Now as you hand in your application and paper work, you may point out to the loan broker that the car payment or what have you, is short term and that might want to be considered when figuring out your debt to income ratio. A good lender what have picked up on that anyway.