topic Re: Second Auto loan need help? in Auto Loans

Second Auto loan need help?

keikdasneak — Wed, 29 Jun 2011 23:45:09 GMT

This forum has always been useful to me so i had a couple questions. I am in the market right now for another auto loan for $37k vehicle is an 04 (sports car low miles). My scores are around 700-720 Ficos.

But i am looking at a private sell so i will need to find a place to get financing. I currently have a lease thru BMW opened in Jan 2011 2011 bmw 3 series payments are $670 per month, lease is for 3 years $18k left on lease. That is my only big debt on my credit. Had another auto loan for 9 months paid it in full. I make $5500 montly Gross

Will i be able to find financing ?

Thanks

Re: Second Auto loan need help?

Anonymous — Thu, 30 Jun 2011 01:45:56 GMT

If your wanting to finance two vehicles at the same time it sounds like with a 37k purchase you would possibly be paying 1300 a month in auto payments. Not sure if you rent and what your payments are but debt to income might be a factor.

My gross monthly income is about the same as yours and my fico's are in the 660's. My only debt was a travel trailer which was financed by my local bank. The loan is listed as an auto loan on my credit report with $520 monthly payments. Two days ago I purchased a 2011 Chevy Silverado 2500hd z71 and obtained financing through Cap One. Our situations are similar with the exception of you wanting to purchase from a private seller.

Re: Second Auto loan need help?

keikdasneak — Thu, 30 Jun 2011 20:12:37 GMT

I was thinking about keeping my other auto for my daily driver and having the $37k auto loan vehicle as my weekend car.

Re: Second Auto loan need help?

keikdasneak — Thu, 30 Jun 2011 22:45:57 GMT

My monthly debt is $990 on my credit report.

Other than that i go half with my fiance on my her home in her name $400 each.

$5k Income monthly