cancel
Showing results for 
Search instead for 
Did you mean: 

Need advice for new car loan, pls help !!

tag
pat0812
Regular Contributor

Re: Need advice for new car loan, pls help !!

I have a loan with DCU right now on the car I total loss

Should I just wait to get the check from the insurance to close that loan and then apply for a new loan with them?

Or could they approve me with already a current auto loan with them ?

FICO 8's EX 770 EQ 751 TU 771 (1/16/17)
Amex Gold Premier rewards ( Charge Card)
Amex Blue cash - $47,800 Wells Fargo - $15,000 Citibank Simplicity - $13,800 Barclays Apple - $13,000 Walmart Mastercard - $8000 Chase Slate - $7,200 Discover It - $5,500 Capital One - $5,250
Message 11 of 13
Anonymous
Not applicable

Re: Need advice for new car loan, pls help !!


@pat0812 wrote:

I have a loan with DCU right now on the car I total loss

Should I just wait to get the check from the insurance to close that loan and then apply for a new loan with them?

Or could they approve me with already a current auto loan with them ?


How much do you owe on the current loan?  

Message 12 of 13
Dj4Money
Established Contributor

Re: Need advice for new car loan, pls help !!

 Do they know the previous car is a total loss? Is the insurance company in commincation with the credit union? When I had my Protege 5 totalled, the insurance company kept me and the lender in the loop, but I still had the lender call me about the location of the car and if I was going to pay the next payment.

 

 I told him where the car was and about the payment, I said that's money down the drain are you insane?

 

 They paid off the car in full didn't need GAP.

 

 Talk to DCU, if they are understanding they know you need another car and will fund another one without making you wait for the insurance to come though.


  Your DTI is key.

Message 13 of 13
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.