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Posts: 1
Registered: ‎08-23-2012
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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.





Posts: 17,531
Registered: ‎12-30-2011
0 Kudos

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 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)

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