topic Re: Second car loan? Is it possible? in Auto Loans

Second car loan? Is it possible?

Klineact — Fri, 28 Mar 2025 15:02:19 GMT

Will a bank lend on a second car loan? Trying to get a truck bc we are getting a travel trailer (paying cash for the RV). Income is $180K base plus $25K bonus per year. I have $2K in CC debt which is like $30 a month (at 0% or I would pay off) a $235 a month car payment, a $477 a month loan payment and $816 mortgage. No other debt. My scores are EQ 804, EX 783 and TU 786. I have no negatives on my report. I dont want to have to trade in my other car with the loan bc its my ride around town car that gets excellent gas mileage which I wont be getting from whatever truck I end up buying (Probably a Tacoma).

Re: Second car loan? Is it possible?

Horseshoez — Fri, 28 Mar 2025 15:42:47 GMT

@Klineact wrote:
Will a bank lend on a second car loan? Trying to get a truck bc we are getting a travel trailer (paying cash for the RV). Income is $180K base plus $25K bonus per year. I have $2K in CC debt which is like $30 a month (at 0% or I would pay off) a $235 a month car payment, a $477 a month loan payment and $816 mortgage. No other debt. My scores are EQ 804, EX 783 and TU 786. I have no negatives on my report. I dont want to have to trade in my other car with the loan bc its my ride around town car that gets excellent gas mileage which I wont be getting from whatever truck I end up buying (Probably a Tacoma).

There was a thread here just a week or two ago on the very same issue. In that thread several folks with professional experience from the financing side said one of the reasons why a second car loan is typically approved is if the second vehicle is a truck, so you should be good to go.

FWIW, after decades of driving exclusively cars, I bought a Tacoma a while back; I love it.

Re: Second car loan? Is it possible?

dfwxjer — Fri, 28 Mar 2025 16:16:03 GMT

Yup very much possible with those numbers.

Re: Second car loan? Is it possible?

JoeRockhead — Fri, 28 Mar 2025 16:35:28 GMT

You should have no issue getting another vehicle loan.

Re: Second car loan? Is it possible?

cashorcharge — Fri, 28 Mar 2025 19:50:41 GMT

Coming from someone that already has 2 car loans currently.....and neither are trucks....if you have the income and scores to support this...which it appears you do...you should have no issue getting this. Have fun shopping! @Klineact

Re: Second car loan? Is it possible?

Klineact — Sat, 29 Mar 2025 02:24:29 GMT

Great thanks everyone. I actually went to the Toyota dealer tonite and test drove a Tacoma and a Tundra. Much to my disbelief I liked the Tundra more than the Tacoma. Unfotunately they are really expensive but it is a truck I know I will have for years bc Toyotas last. I have decided to maybe get a gently used low mileage one instead of new so I am on the hunt for my perfect truck. Thanks again for the responses. I did ask the sales guy at Toyota the same and he said with my stats I should not have any issue financing.

Re: Second car loan? Is it possible?

Klineact — Sat, 29 Mar 2025 02:27:00 GMT

@Horseshoez wrote:
@Klineact wrote:
Will a bank lend on a second car loan? Trying to get a truck bc we are getting a travel trailer (paying cash for the RV). Income is $180K base plus $25K bonus per year. I have $2K in CC debt which is like $30 a month (at 0% or I would pay off) a $235 a month car payment, a $477 a month loan payment and $816 mortgage. No other debt. My scores are EQ 804, EX 783 and TU 786. I have no negatives on my report. I dont want to have to trade in my other car with the loan bc its my ride around town car that gets excellent gas mileage which I wont be getting from whatever truck I end up buying (Probably a Tacoma).
There was a thread here just a week or two ago on the very same issue. In that thread several folks with professional experience from the financing side said one of the reasons why a second car loan is typically approved is if the second vehicle is a truck, so you should be good to go.

FWIW, after decades of driving exclusively cars, I bought a Tacoma a while back; I love it.

Did you by chance test drive a Tundra? I drove both and for some reason I liked the Tundra more than the Tacoma. I wish I didnt bc its more $$$ I will be happy with either tho they are such nice trucks!

Re: Second car loan? Is it possible?

Horseshoez — Sat, 29 Mar 2025 02:27:19 GMT

@Klineact wrote:
Great thanks everyone. I actually went to the Toyota dealer tonite and test drove a Tacoma and a Tundra. Much to my disbelief I liked the Tundra more than the Tacoma. Unfotunately they are really expensive but it is a truck I know I will have for years bc Toyotas last. I have decided to maybe get a gently used low mileage one instead of new so I am on the hunt for my perfect truck. Thanks again for the responses. I did ask the sales guy at Toyota the same and he said with my stats I should not have any issue financing.

For some of us, myself included, the fact the Tacoma is offered with a manual transmission is all the differentiation we need; no automatic Tundra (or Tacoma for that matter) will darken the threshold to my garage.

Re: Second car loan? Is it possible?

mavric — Sat, 29 Mar 2025 02:32:30 GMT

I say go for it! Just got my third car loan in 2 years. Well one is a lease, 2 "car loans" One truck, 2 Durango"s

$125K year and no other loans ,house payed off BTW auto score was 851

Yes it can be done!

Re: Second car loan? Is it possible?

Realist — Sun, 30 Mar 2025 08:35:09 GMT

Looking at your information, it seems like a no brainer, even in this environment. If your credit profile and FICO score is strong enough, they'll beg you to do busines with them. It may even push up your FICO score showing fortitude in how you manage debt load.

We borrowed through one instituation for three loans simultainously. Shortly after, an energy efficient loan. Individual loan. Through another instituation, borrowed for three toy loans, quoted one total but dispersed as three loans in the event we ever wanted to sell one off at a time - ever, and the rep asked us if we would like to acquire one of their credit cards? They already pulled the hard inquiry, so it was a free credit card in the five digit range. Sure, why not.

Paid on all of it reasonably, and relatively quickly.

Never discount the power of your credit profile. There is so much you can do with it. You can only do this, if you keep it in good standing every step of the way.

Re: Second car loan? Is it possible?

TRC_WA — Sun, 30 Mar 2025 15:14:10 GMT

Definitely possible.

I've got 2 vehicle loans with a weaker profile.

Re: Second car loan? Is it possible?

Thomas_Thumb — Sun, 30 Mar 2025 22:14:30 GMT

@Klineact wrote:
Will a bank lend on a second car loan? Trying to get a truck bc we are getting a travel trailer (paying cash for the RV). Income is $180K base plus $25K bonus per year. I have $2K in CC debt which is like $30 a month (at 0% or I would pay off) a $235 a month car payment, a $477 a month loan payment and $816 mortgage. No other debt. My scores are EQ 804, EX 783 and TU 786.

Wow! That's a low mortgage payment. Looks like a $125k loan for 30 years from 2020 when rates were in the 2.75% to 3.00% range.

Re: Second car loan? Is it possible?

Horseshoez — Sun, 30 Mar 2025 23:32:05 GMT

@Thomas_Thumb wrote:
@Klineact wrote:
Will a bank lend on a second car loan? Trying to get a truck bc we are getting a travel trailer (paying cash for the RV). Income is $180K base plus $25K bonus per year. I have $2K in CC debt which is like $30 a month (at 0% or I would pay off) a $235 a month car payment, a $477 a month loan payment and $816 mortgage. No other debt. My scores are EQ 804, EX 783 and TU 786.
Wow! That's a low mortgage payment. Looks like a $125k loan for 30 years from 2020 when rates were in the 2.75% to 3.00% range.

Yeah, color me envious; I closed on a mortgage last May at 7.625%; if/when rates come down I'll be happy to get it down to 6.00%.

Re: Second car loan? Is it possible?

Girl_In_The_City — Tue, 01 Apr 2025 04:14:10 GMT

Based on your numbers I see no issues. I have three vehicles in my name currently.

Re: Second car loan? Is it possible?

Realist — Tue, 01 Apr 2025 11:25:49 GMT

If I didn't mention this in my prior reply, there's a time and place for everything. You should take advantage of opportunities presented to you when times are good, if you can, so that you can stand somewhat unphased and in opposition when times go bad. There is no pendulum swing one way, without the eventual other. Buy items when it makes sense, and you know you are going to use them, and don't when it doesn't.

We have always had backup vehicles in case one ever went down, but we always bought on our timeframe, at a price that always worked for us. If this works for you, do it. Your credit profile looks good.

Re: Second car loan? Is it possible?

Horseshoez — Tue, 01 Apr 2025 11:28:08 GMT

@Realist wrote:

I recently learned about a troubling situation within my circle recently. My niece and her boyfriend recently purchased a half million dollar home somewhere in the 6% rate. For those that track trends, we are arriving to the end of the mortgage cycle, which means should the market reverse, they go underwater. No one refinances underwater mortgages - ever. Unless you come up with the difference. The only thing I'm waiting on, is time to prove this one right, like all other observations of mine that have panned out. I'm actually saddened by this, it was a surprise purchase. I hope they understand what they're getting into. While I anticipate this market to implode through time, I'm prepping my children to save and be on the watch, for the aftermath. That's when you want purchase a home. When rates shoot higher, but home valuations plummet. Home values are high. Interest rates are high. This is not correct, one should give, but has not - yet. When it corrects, there will be chaos. Rates should move north, home valuations decrease. Home valuations move higher, interest rates decrease. Not, both to go up.

I bought a condo last year for well over what your neice paid, and as I wrote above, got whacked with a 7.625% mortgage. Am I worried? Not in the least. Why? Several reasons, not the least of which is I put down 20%, and while I do agree there are lots of places around the U.S. which may well see a drop in home prices, my bet is the area I live in will see modest increases even if interest rated don't come down, and if they do, home prices are likely to shoot up even higher.

Re: Second car loan? Is it possible?

Klineact — Sat, 05 Apr 2025 03:39:57 GMT

You are right. I ended up at carmax where I purchased a 2022 Tundra with 30K miles on it. I have had it 6 days but may return it bc the salesman never mentioned GAP insurance and in order for me to get it they tell me I need to return the vehicle and do the whole entire purchase prioess again including rerunning my EQ score which is currently an 806 Why do they need to run it again just to be aholes? They claim adding GAP will mess with my finance numbers (which I was approved in less than 60 secs at their lowest finance rate) I offerred to pay the $750 cash for the GAP if they can just add it onto my loan so the numbers wont change and they are adament that I must make a 4 hour round trip to their store to return and repurchase the truck. This angered me so much that I flat out told them since you are unwilling to work with me bc of something your salesman didnt even mention, I said if I have to drive to bring back the truck you can keep it. This is not a company that I want to do business with. I purchased a truck with tax and warranty that is 50 grand and they cant let me buy a GAP policy? Their loss I am planning on doing the return tomorrow.... I found one a year newer with 10K less miles in Palm Beach and its quite far from me (230 miles) but I just might be heading there this weekend and getting that truck instead. I do like it more TBH. Oh well lesson learned I wont ever deal with Carmax again.