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