by Dan Rafter, Quicken Loans Blog: Zing!
What are the biggest loans you’ll take out in your lifetime? If you’re like most people, they’ll be the ones you use to finance the purchase of your home and car.
But aside from the sizable financial commitments that come with these jumbo-size loans, mortgage and auto loans don’t have as much in common as you might think. In fact, you’ll find differences in everything from the credit scores you’ll need to qualify for these loans to the time it takes to close them.
In short? Auto loans are a big deal. But qualifying for and closing a mortgage loan takes more effort and paperwork as well as better credit.