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Is it possible for me to qualify for a 2nd Auto loan without the 1st paid off...?

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Anonymous
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Is it possible for me to qualify for a 2nd Auto loan without the 1st paid off...?

Hello,

 

I currently have a car I financed last year, which I would like to sell so I can so I can purchase a different, more economical car. My current car is 2 years old and I owe $18k on the loan. The car is worth a bit more than what I owe against it, so I could easily sell it private party and pay off the remainder of the loan with no penalty and have the bank mail the title to the new owner.

 

However, I need to have a car to travel to and from work and everywhere else. Would it be too difficult for me to qualify for another auto loan before I pay off my current one?

 

I have a fico score of 720 and $6000 to put down on the new loan of about $18k. I make about $38k a year. I do have a paid off 60 month loan on my credit history and a few credit cards which are paid in full each month. I'm just not sure if a bank will be willing to allow me to have a 2nd loan for a breif period of time.

 

What do you guys think? Also, you it possibly be easier to just apply for a personal loan instead of a auto loan? The interest rates are not too different.

 

Thank you for the assisstance.

Message 1 of 2
1 REPLY 1
Creditaddict
Legendary Contributor

Re: Is it possible for me to qualify for a 2nd Auto loan without the 1st paid off...?

2nd car should not be an issue at all... my partner had 2 leases and financed a car!

Message 2 of 2
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