Want to purchase a new Car but already am a Co-Signer of another one.

[Anonymous]

So I am planning to purchase a new car in the next couple of months which will require a auto loan. My credit score is okay at 670-680 and have some credit card debt but never missed a payment or have gone to collection. My current salary is 50k a year.  I'm concerned that I will not qualify for the loan due to already having 1 car loan on my record. Am I right to be concerned or am I being overly cautious?

[Anonymous]

If a second loan would theoretically stretch your finances very thin, then yes it might be an issue. (They will want to make sure you can comfortable cover the new loan payments so they get paid). I'd say that the dollar amount of the loan you co-signed for and the amount of your disposable income (after bills) is where the yes or no would come from rather than whether or not you are a cosigner for someone.

Many parents co-sign for their kids, or husbands and wives co-sign for each other. 

[incognitony]

I'm pretty sure you can find financing unless you have a pricey mortgage or something. I had 2 cars financed with payments of 900+ total on similar type income. 

[Anonymous]

Okay. I think I should be okay. The co signed loan is only for 15k and the payments are only 250 which my spouse is paying. No mortgage or other loans. Just don't want any surprises when I apply for the car.

[ojefferyo]

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@Anonymous wrote:

So I am planning to purchase a new car in the next couple of months which will require a auto loan. My credit score is okay at 670-680 and have some credit card debt but never missed a payment or have gone to collection. My current salary is 50k a year.  I'm concerned that I will not qualify for the loan due to already having 1 car loan on my record. Am I right to be concerned or am I being overly cautious?

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It all depends on what's in your profile and for what amount you plan on financing the car for. I have two car loans under my name and when I app'd for the second one they didn't even question anything. 

[Anonymous]

My profile just has the co-signed car loan for 15k and some credit card debt. My plan is to finance around 20,000 - 22,000 for the new car and planning to put down around 6-7K.