topic Re: Three Auto Loans? Is it possible? in Auto Loans

Three Auto Loans? Is it possible?

Anonymous — Thu, 14 Nov 2013 23:38:36 GMT

I currently have two active auto loans. One opened in June of 2013 with a beginning balance of $20,500 ($18,600 balance now). The second was opened in Dec of 2012 and had a balance of $26,000 (now $22,500). I am married and our scores are 794-800 with a revolving credit balance of 9% (soon to be 0), 0 late fees, and an annual income of $110,000. I would like get a third loan next spring for a fun extra third car. Will lenders give this type of loan or do they not really like giving three car loans to a married couple? Thanks.

Re: Three Auto Loans? Is it possible?

KoolDev — Fri, 15 Nov 2013 00:04:22 GMT

I think it would revert to debt to income as a deciding factor.

Re: Three Auto Loans? Is it possible?

Anonymous — Fri, 15 Nov 2013 00:34:50 GMT

@Anonymous wrote:
I currently have two active auto loans. One opened in June of 2013 with a beginning balance of $20,500 ($18,600 balance now). The second was opened in Dec of 2012 and had a balance of $26,000 (now $22,500). I am married and our scores are 794-800 with a revolving credit balance of 9% (soon to be 0), 0 late fees, and an annual income of $110,000. I would like get a third loan next spring for a fun extra third car. Will lenders give this type of loan or do they not really like giving three car loans to a married couple? Thanks.

It all depends on your DTI ratio.

I have 2 auto loans and 1 auto lease right now. 1 is already paid off but statement has yet to cut. The other has a balance of >60k and the lease is 370/month (53k MSRP lexus). When trying to get the lease I told the dealer I have 2 active car loans on my CR right now and he said there might be a small problem, but after he pulled my CR he said everything is fine and I still qualified for the best rate.

Re: Three Auto Loans? Is it possible?

awp317 — Fri, 15 Nov 2013 00:46:07 GMT

I at one point had 4 autos on my profile (down to one lease hope it stays that way for a while). When I got the fourth loan it was a bit trickier, had to show w2's and such. As long as you have income to back it up the banks dont care. However im a firm beliver of never letting a car loan payment(s) total more than 20% of your monthly salary.

Re: Three Auto Loans? Is it possible?

Anonymous — Fri, 15 Nov 2013 07:37:57 GMT

I've had three without any issues. As long as the income and credit supports the approval you'll be fine

Re: Three Auto Loans? Is it possible?

sccredit — Fri, 15 Nov 2013 16:26:21 GMT

I've had 3 in the past and never had an issue.

Re: Three Auto Loans? Is it possible?

Anonymous — Thu, 21 Nov 2013 03:51:04 GMT

My brother having issues getting a third he makes 50k but the problem is he needs a cosigner and no one in the family but him has above 550 and they have at least one recent repo on their name expect for him.

Re: Three Auto Loans? Is it possible?

sccredit — Fri, 22 Nov 2013 19:08:35 GMT

3 cars on $50k? That, in itself, is the reason