topic Re: Chances of approval for a second car loan? in Auto Loans

Chances of approval for a second car loan?

froggyzsn — Sun, 21 Apr 2013 23:38:28 GMT

I already have a car loan from July of 2010 for almost 12k with 7k remaining balance. payment of $200/mo. Its a joint account with my dad. long story short, my dad wanted the car and took over the payments and i bought a beater car in the mean time. Now im looking to get a car with a 10-20k loan and i was wondering what my chances are. I have a 663 EQ/705 TU credit score, the installment loan mentioned earlier, and a few revolving accounts in good standings. What are my chances of getting approved for another car loan?

Re: Chances of approval for a second car loan?

webhopper — Mon, 22 Apr 2013 00:31:43 GMT

@froggyzsn wrote:
I already have a car loan from July of 2010 for almost 12k with 7k remaining balance. payment of $200/mo. Its a joint account with my dad. long story short, my dad wanted the car and took over the payments and i bought a beater car in the mean time. Now im looking to get a car with a 10-20k loan and i was wondering what my chances are. I have a 663 EQ/705 TU credit score, the installment loan mentioned earlier, and a few revolving accounts in good standings. What are my chances of getting approved for another car loan?

Does your dad have good credit? Would he be able to refinance the car into his name only?

What does your income look like, and what are your current obligations (besides this $200/ month on the other car) ?

Re: Chances of approval for a second car loan?

froggyzsn — Mon, 22 Apr 2013 00:55:27 GMT

@webhopper wrote:
@froggyzsn wrote:
I already have a car loan from July of 2010 for almost 12k with 7k remaining balance. payment of $200/mo. Its a joint account with my dad. long story short, my dad wanted the car and took over the payments and i bought a beater car in the mean time. Now im looking to get a car with a 10-20k loan and i was wondering what my chances are. I have a 663 EQ/705 TU credit score, the installment loan mentioned earlier, and a few revolving accounts in good standings. What are my chances of getting approved for another car loan?
Does your dad have good credit? Would he be able to refinance the car into his name only?

What does your income look like, and what are your current obligations (besides this $200/ month on the other car) ?

He has excellent credit, high 700's / low 800's. He most likely would but i think that might hurt my FICO score since that is my longest account. My annual income is $20,000/yr. and i have no other obligations besides $200/mo rent and my cc balances

Re: Chances of approval for a second car loan?

Anonymous — Mon, 22 Apr 2013 01:26:56 GMT

@froggyzsn wrote:
@webhopper wrote:
@froggyzsn wrote:
I already have a car loan from July of 2010 for almost 12k with 7k remaining balance. payment of $200/mo. Its a joint account with my dad. long story short, my dad wanted the car and took over the payments and i bought a beater car in the mean time. Now im looking to get a car with a 10-20k loan and i was wondering what my chances are. I have a 663 EQ/705 TU credit score, the installment loan mentioned earlier, and a few revolving accounts in good standings. What are my chances of getting approved for another car loan?
Does your dad have good credit? Would he be able to refinance the car into his name only?

What does your income look like, and what are your current obligations (besides this $200/ month on the other car) ?
He has excellent credit, high 700's / low 800's. He most likely would but i think that might hurt my FICO score since that is my longest account. My annual income is $20,000/yr. and i have no other obligations besides $200/mo rent and my cc balances

At $20k per year, it may be a stretch to get another auto loan.

Your past account history will still be on your credit report. I think in any case it would be good to get your name off a loan for a vehicle that isn't yours.

Re: Chances of approval for a second car loan?

froggyzsn — Mon, 22 Apr 2013 01:40:21 GMT

@Anonymous wrote:
@froggyzsn wrote:
@webhopper wrote:
@froggyzsn wrote:
I already have a car loan from July of 2010 for almost 12k with 7k remaining balance. payment of $200/mo. Its a joint account with my dad. long story short, my dad wanted the car and took over the payments and i bought a beater car in the mean time. Now im looking to get a car with a 10-20k loan and i was wondering what my chances are. I have a 663 EQ/705 TU credit score, the installment loan mentioned earlier, and a few revolving accounts in good standings. What are my chances of getting approved for another car loan?
Does your dad have good credit? Would he be able to refinance the car into his name only?

What does your income look like, and what are your current obligations (besides this $200/ month on the other car) ?
He has excellent credit, high 700's / low 800's. He most likely would but i think that might hurt my FICO score since that is my longest account. My annual income is $20,000/yr. and i have no other obligations besides $200/mo rent and my cc balances
At $20k per year, it may be a stretch to get another auto loan.

Your past account history will still be on your credit report. I think in any case it would be good to get your name off a loan for a vehicle that isn't yours.

Okay thank you! I am just doing some planning for the future. I dont plan on buying the car until another 6 mo to a year goes by. I just wanted to get some opinions ahead of time! Thanks everyone!

Re: Chances of approval for a second car loan?

webhopper — Mon, 22 Apr 2013 04:48:57 GMT

Even if your dad refies into his name; the paid car loan will stay on your report for up to 10 years and you'll keep the history associated with that account.

Re: Chances of approval for a second car loan?

froggyzsn — Tue, 23 Apr 2013 02:39:52 GMT

@webhopper wrote:
Even if your dad refies into his name; the paid car loan will stay on your report for up to 10 years and you'll keep the history associated with that account.

+1 thank you for sharing the knowledge! For now, my plan is to leave it on there and continue to recieve the positive statements it leaves on my CR until I am ready to go car shopping! I really enjoy the feedback I recieve on this forum... everyone has a lot of useful information to share!

Re: Chances of approval for a second car loan?

webhopper — Tue, 23 Apr 2013 02:41:14 GMT

@froggyzsn wrote:
@webhopper wrote:
Even if your dad refies into his name; the paid car loan will stay on your report for up to 10 years and you'll keep the history associated with that account.
+1 thank you for sharing the knowledge! For now, my plan is to leave it on there and continue to recieve the positive statements it leaves on my CR until I am ready to go car shopping! I really enjoy the feedback I recieve on this forum... everyone has a lot of useful information to share!

No problem and glad to help!