Looking to apply for 2 more car loans

[ddk369]

Profile: 82K yearly income, about 670 FICO, 720 Auto, high credit card util (80%), 1 car loan just recently signed (35k), 1 student loan (6K), 1 car loan (3k, only 1 year left), 1 lease (1 month left), cosigned for 1 personal loan (6K). no other debt. 

Looking for some advice here - I just bought a 35K sports car so I recently signed a car note. About to return my BMW lease in july, and would like to purchase a daily driver for around 8K for my long commute. At the same time, I would like to cosign for my dad to get a car too (around 10K). So in short, I would like to get 2 car loans in july. How should I go about this? Can I apply for a 20K amount only and then use 8K for myself and 10K for my dad? Or do I need to send 2 seperate apps?

Anyone have a recommendation for a lender that I can use for a used car loan (2009+ vehicle) and that I may be able to use for a private purchase? I'm looking at Penfed, DCU, Alliant, Lightstream. 

And since I'm looking into debt consolidation to pay off my credit cards in the next 6 months, how would applying for a car loan now affect that

[Appleman]

ddk,

If you are wanting to get car loans (secured by an asset) you will need to get an auto loan for each individual vehicle.

$82,000 / 12 = $6,833 monthly gross income

40% or .4 X $6,833 = $2,733 available for payments with conservative lending (meaning some people will loan more than that amount)

Rent/mortgage + student loan payment + car lease + car payment + CC min payments + personal loan payment. Subtract this amount form the $2,733 and you MAY be able to get approved for additional payments in that amount. You can also look at Credit Sesame that will show your current DTI (may need to add in rent).

I would recommend taking a look at Sofi.com, Lending Club, Prosper and Capitalone Navigator and utilize their Soft Pull pre-approvals. Only counts as a soft pull and will not have a negative effect on your credit (unless you go for the full application).

If you can convert the high utilization credit card debt to a personal loan your scores should get a good pump. FICO scores treat personal loan debt differently than revolving credit card debt. Getting a higher score should help your chances of landing additional loans.

Good luck

[Anonymous]

OP,

the poster above has some good information to offer for you to consider! I would add that if you are in fact wanting to get 2 additional auto loans, I would do them at the same time. Occasionally if a person would go to a dealership looking to purchase two auto's, the dealership would just secure two approvals (in your case, one by yourself and one with your father) and then do them at the same time.

[ddk369]

Thank you that is great advice. I have no rent/mortgage. I own a house. How should I time this? Should I pre-apply for car loans now and then buy 2 cars with my pre-approvals? Should I do this at the dealer?

Should I convert my CC debt into personal loan now and then apply for car loans in 1 month? 

Since I'm looking to get a car very soon that is my priority now, and then second priority is removing CC debt. 

[Anonymous]

I did this in 9/15 while car shopping for my son and ended up get one for myself.  I secured a loan from NFCU and while shopping, I saw a vehicle that I wanted and my NFCU approval could cover the price of both cars (used 2015s).  I called NFCU and inquired about two vehicles on one loan and was told one car per loan.  I didn't think they would approve my for a second loan.  I applied for a second loan with my local credit union SkyOne and was approved.. I took both loans to the dealer and purchased two vehicles at the same time. One in my name and I added my son's name on the second.  I think it would be best to secure your loans prior to going to the dealership.