How likely am I to get approved for a second auto loan?

[bigblue7722]

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@racer-x wrote:
I borrowed $9k for a 2001 truck in '12 for 4yrs from my CU.

I think its the value of the car that is the biggest cocern by the cu/bank

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id rather do a loan on a 2001 diesel truck than a 2010 american cheap sedan any day of the week. 

[EddieK]

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@Anonymous wrote:

You both make excellent points! I will definitely take them into consideration for this loan.

Also, what if i am wanting the CU to loan me the whole amount with no down payment or trade in? Am I likely to get refused the loan or would it bebetter to try the Volvo financial instead? I feel like the CU would be more understanding if I could not/not wanting to put down money.

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You won't have to put any money down with the CU, they either approve or deny you.  Now, putting money down at the dealership can get an approval if you were borderline, which with your scores and DTI I can't see that being an issue.

[racer-x]

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@bigblue7722 wrote:

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@racer-x wrote:
I borrowed $9k for a 2001 truck in '12 for 4yrs from my CU.

I think its the value of the car that is the biggest cocern by the cu/bank

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id rather do a loan on a 2001 diesel truck than a 2010 american cheap sedan any day of the week. 

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Well, it's a gasser, lol....Loaded Chevy 2500HD, 4x4, crewcab, etc....

[bigblue7722]

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@racer-x wrote:

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@bigblue7722 wrote:

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@racer-x wrote:
I borrowed $9k for a 2001 truck in '12 for 4yrs from my CU.

I think its the value of the car that is the biggest cocern by the cu/bank

---

id rather do a loan on a 2001 diesel truck than a 2010 american cheap sedan any day of the week. 

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Well, it's a gasser, lol....Loaded Chevy 2500HD, 4x4, crewcab, etc....

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you could probably drive the truck for years and it might even be able to sell it for what you bought it for. 

[racer-x]

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@onmir2 wrote:

You both make excellent points! I will definitely take them into consideration for this loan.

Also, what if i am wanting the CU to loan me the whole amount with no down payment or trade in? Am I likely to get refused the loan or would it bebetter to try the Volvo financial instead? I feel like the CU would be more understanding if I could not/not wanting to put down money.

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Like Eddie said...and the CU will most likely only loan up to 80% of the value of the vehicle.  They'll run it through their NADAguides and come up with a retail value.

That's where there could be an issue since it's at a dealer, the price/markup is surely higher than if you were buying the car from a private owner.

Maybe you should check into buying a car from a private seller?  You'll save some money for sure, and then finance the car through your CU.

I walked out of the CU with $9k cash to buy the truck.  They gave me the dough without the loan even being secured yet with the truck title.  A good faith loan for sure.

A big bank probably wouldn't do that for you.

My scores were high 690's and I got 4.0% on an 11 yr old truck.  I was happy with that.

[racer-x]

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@bigblue7722 wrote:

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@racer-x wrote:

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@bigblue7722 wrote:

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@racer-x wrote:
I borrowed $9k for a 2001 truck in '12 for 4yrs from my CU.

I think its the value of the car that is the biggest cocern by the cu/bank

---

id rather do a loan on a 2001 diesel truck than a 2010 american cheap sedan any day of the week. 

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Well, it's a gasser, lol....Loaded Chevy 2500HD, 4x4, crewcab, etc....

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you could probably drive the truck for years and it might even be able to sell it for what you bought it for. 

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Yeah, especially since I"ve only put about 6k miles on it in 2 yrs.  It's just my around town driver and big boat puller to the local lake.