I am trying to see how many car loans one can get. Of coure i know it depends on all the factors but I am trying to see if anyone has experiance with getting car loan approvals; lets say 5 or 10 in two months. I have enough income and score to support it. I got approved 3 loans in two months. But I am looking to buy at least 2 more with the loan. So i will have total of 5 car loans. My scores are in upper 680s, never late, never had any baddies except one $125 medical past due which was 5 years ago or so and one late payment on Amex. I dont have home loan payment. My income is around 100-125k a year. I have enough money in the bank to back up all the loans that i take i just did not want to use my money from the accounts. Three loans were approved instant without asking or needing anything. So if anyone has experiance taking out 5 or more car loans in a short time frame, i would like to hear some information.
What type of cars are we talking here? There is a big difference between a $5,000 used car loan and a $50,000 new car loan.
That being said, if you have the income (doesn't screw up your DTI levels) and the credit, you should be able to get additional car loans, As you are already in the 680's, be careful as a bunch of new accounts will drive your score down.
And just curious as to why so many cars are needed?
thanks for the reply.
i am looking around 20-25k. I do business with the cars. thats why. Opps sorry that 680 is credit/bank card scores. For auto im around 720 i just checked. i can also do the down payment lets say 10% to 40%. I am looking to pay off most of them in six months. Just need them now to get my business going while the cpaital (my own money) sits in the bank as back up.
Is there an option to lease a fleet instead of 5 separate car loans...I have no experience in this area but I just had to ask..???
I think you can ask diretly to the dealer if this could be possible. I have no experience in leasing multiple cars. Just try only to ask for other dealers, just like DSR Leasing maybe. Tell them your case and surely they will give you some great advice. Hope this helps you here.