topic Re: 3 auto loans in Auto Loans

3 auto loans

Santaclausthereal — Mon, 13 Feb 2023 01:12:05 GMT

is it possible to have 3 auto loans out at the same time will a lender approve a 3rd auto loan i just recently took out 2 auto loans but need a 3rd one should i wait 6months to a year before trying to get another auto loan or will a lender look at bank statements for proof of income

Re: 3 auto loans

Hackgiz — Mon, 13 Feb 2023 01:51:54 GMT

I curently have 4 car loans, 3 with the same lender one with capone.

As long you have the income/credit don't see any problems

Re: 3 auto loans

tparks5961 — Mon, 13 Feb 2023 02:39:42 GMT

I currently also have 4. Two of them are through my business so they don't appear on my personal report.

So if you have a business, that would make the process easier.

Re: 3 auto loans

AutisticPretzel — Wed, 15 Feb 2023 06:34:13 GMT

I believe your DTI is going to really come into play. As others here mentioned, it's not impossible to get 2 or 3 auto loans but from everything I've seen over the years, some lenders will definitely look closer at your income and overall profile. Of course it's institution dependent and you may not have had to do this on your 1st or 2nd auto loan but I would 100% be prepared to provide P.O.I if app'ing for a 3rd one.

Best of luck.

Re: 3 auto loans

CCrew — Tue, 21 Feb 2023 22:11:28 GMT

I at one point in my life had 3. First two were easy, third took some hoops to jump through but was ultimately approved. Funny thing was that the hoops were the fact that wife and I were on both, and the lender took extra care to insure it wasn't a straw purchase. 2 drivers, 3 cars basically was their issue.