Reply
New Visitor
blazing7
Posts: 1
Registered: ‎08-23-2012
0

2nd auto loan

I am trying to see whether I may or may not have a chance to do a 2nd auto loan.

 

My current status are:

 

just had an auto loan from Capital One in October 2011 - currently my wife's car

624 credit score

have BK discharged in March 2010, during the BK process I kept 1 car and paid off in Dec 2010

have only 2 credit cards and less than $500 balance with total limit of $2500

make $68k/yr

 

reason for the second auto loan is I am swapping my car, paid off in Dec 2010, to my brother's van, family is growing and I need a daily gas saver car to use.

 

I dont think Capital One can do another loan for me and they do not do refinancing on their own or current loan. I am trying to get the hassle free buying experience with having a blank check and go to a dealer. Any other advisable or reputable bank to share or any advice in getting us a second loan is greatly appreciated.

 

Thanks 

 

 

Moderator
Revelate
Posts: 9,648
Registered: ‎12-30-2011
0

Re: 2nd auto loan

I wouldn't unilaterally discount anyone for a second loan, though I'm a little confused about swapping your car for your brother's van?  Or are you purchasing a second vehicle?

 

Auto lending is pretty much: if your DTI supports it and you have a sufficient downpayment, you can get a loan.  One's FICO has a larger impact on what APR you get, rather than approvals unlike most other loan types.  For suggestions I'd take a look through the recent Auto Loans Approval to see what lenders are putting money into the field in auto loans.

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}