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Can I get a car loan if I already have a car loan?

Established Contributor

Can I get a car loan if I already have a car loan?

I have a car loan now that I owe on for $10,000.  The original car loan was for 17000, my fiance drives this car and makes the payments.  He cannot get financing due to taxes on his credit report. 

 

Unfortunately the transmission is slipping in my car which has 138000 miles on it.  I really dont have the money for a car payment but its my only option if my car goes. 

 

Will the banks give me a loan if I already have a loan?

Gardening since 5/3/2016
Message 1 of 5
4 REPLIES
Established Contributor

Re: Can I get a car loan if I already have a car loan?

Absolutely but it depends on your credit and income I think. I got my new car the very next day I sold my old one. The whole loan amount was showing up on my Credit Report(10400) and I was little worried about getting approved for this new one. I got an instant approval from BMWFS for 28K. It does depend on lot of factors majorily your Credit and Income I think. Experts will help you out here.

Message 2 of 5
Valued Contributor

Re: Can I get a car loan if I already have a car loan?


glamchick wrote:

I have a car loan now that I owe on for $10,000.  The original car loan was for 17000, my fiance drives this car and makes the payments.  He cannot get financing due to taxes on his credit report. 

 

Unfortunately the transmission is slipping in my car which has 138000 miles on it.  I really dont have the money for a car payment but its my only option if my car goes. 

 

Will the banks give me a loan if I already have a loan?


You may be out of luck.

 

The big issue will be wether or not you have both good enough credit and definately good enough Income to carry two loans.

 

The finance companies are only going to look at the facts so if you tell them, well I am not really making the payment on car Y but I need car X, they will only go by what is on your report.

 

You may be able to structure your loan to where it shows that your fiance is paying all the rent/mortgage (leaving that amount of income to help you float another loan), but it will really take a dealerships finance guy to help you out. You might also find yourself needing to buy a smalled or cheaper car then you want.

 

PS: I hope you d ono tbreak up and do get married since you co signed and there is no way to get yourself out of that car note.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Message 3 of 5
Established Contributor

Re: Can I get a car loan if I already have a car loan?

my scores are very low right now due to 2 collections I have received from camera speed tickets.  I recently moved and had issues with my mail and never recieved the tickets so they put them on my credit report.

 

I am really stuck!  Everytime I try to get ahead something always brings me right back down Smiley Sad

Gardening since 5/3/2016
Message 4 of 5
Established Contributor

Re: Can I get a car loan if I already have a car loan?

Also, Im looking to buy a used car around 12,000 with my trade in it should take it down to 10,000.

Gardening since 5/3/2016
Message 5 of 5