How buying a new car can affect your ability to buy a home

Source: Ilyce Glink & Samuel J. Tamkin, Washington Post (Paid Registration)

It feels great to achieve a financial goal, whether that’s buying a car, leasing an apartment or buying a home. But here’s what you need to know: If you opt to finance or lease your vehicle, those debt payments may reduce the amount of money you can borrow for a home purchase. And if you buy or lease an expensive car, that could reduce the cash you have available for your future down payment.

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