I have a silly question

[notyou]

Not really silly I guess, but likely uneducated.

Is it possible to get a second auto loan without a co-signer?

I always thought that you could only have one auto loan, but a few posts here make me think I'm wrong.

[pizzadude]

There is no rule that states that you can only have a single auto loan. Many people have 2 or even 3 auto loans.

It will come down to your credit, income, and debt ~ this will determine whether you will be approved for a second loan on terms that are acceptable.

[notyou]

Who knew! ha ha... maybe I'll be able to get that mustang after all someday!

[pizzadude]

---

@notyou wrote:

Who knew! ha ha... maybe I'll be able to get that mustang after all someday!

---

Nice !  Hopefully you can work it out !   You might try talking with your current auto lender to see what they have to say....

[notyou]

I have a local credit union right now. I'm working on getting my scores up to 700+ to start an account at Navy Fedral. I know I can open now, but I want the absolute best chance possible. Hmm, well, now that I've got you here I'll go ahead and ask. Would it be better for me to open and account and app with Navy Fedral when I know my scores are 700+ or go ahead and just open an account with them now and app for their products when my scores are optimal? That's completely unrelated to my post, but I figure it's probably OK to threadjack my own post.

Anyway.. my DTI right now is 27% and scores are about 650 (pending a dispute gone wrong!) They should rebound as soon as the 45 days pass. I also have high UTI reporting right now. By next month it should be down as well. Anyway, as much as I'd love to have that mustang YESTERDAY I need to wait. (and got hit with some major dental work for the kids. Gotta love orthodontists!)  Now that you've told me this is possible. I've made a little plan in my head. By the time I app for this I'd be at DTI of 18% and a 0% UTI with scores of 700+. I would that that would look good for me right? I assume my auto enhanced fico would be higher as well. (3 previous good loans reporting)

[pizzadude]

Well it sounds like you have a good plan. And Navy is a great creditor to work with, and they are very generous most of the time. I don't think it would hurt to go ahead and open an account now, you could even ask what scores you would need to qualify for their best rates.

I don't think that they pull auto enhanced scores, but if I'm wrong about that I'm sure someone else will post. And typically they pull EQ.

Good luck with your purchase ~ keep us posted on how it goes !

[MarineVietVet]

---

@pizzadude wrote:
There is no rule that states that you can only have a single auto loan. Many people have 2 or even 3 auto loans.

It will come down to your credit, income, and debt ~ this will determine whether you will be approved for a second loan on terms that are acceptable.

---

I can attest to that!! For most of my life I've been saddled with 2 car payments at the same time. Fortunately I haven't had any car debt for several years.

So yes it's quite possible to have multiple car loans.

Edited for a typo.

[notyou]

Thanks. I appreciate the feedback. Shiney new mustang sure is motivation to keep my plastic in my pocket!