topic Re: Second Car Loan in Auto Loans

Second Car Loan

Anonymous — Sat, 04 Jul 2015 18:32:57 GMT

I have taken a car loan of $22,000 from DCU @1.74% in May and my car got totaled last week. I paid 2 installments to bank as of now. insurance company adjuster gave a price which I am satisfied and the process is still going on, I think to clear all it will take time, any idea generally how long it will take ?
In the mean while I would like to apply for another loan to buy another car. Instead of paying to a rental car I believe paying to a loan is better.
Is it a good decision to apply for another loan of $20K at DCU? And what are the chances that I will get a loan? my FICO score is 697.
Thanks in advance.

Re: Second Car Loan

Anonymous — Sun, 05 Jul 2015 14:30:14 GMT

Welcome to MyFico. Getting a 2nd car loan will all depend on your income. As for how long it will take for the adjuster, it will depend on the insurance comapny. Some are very fast while others are slow. Within the next week or 2, you should have that completed.

Re: Second Car Loan

Anonymous — Sun, 05 Jul 2015 14:37:49 GMT

Thanks for your reply.
Currently AAA is contacting my bank to get the Gurantee letter and I am suppose to send my title to the insurance. Once this is done insurance will pay to the bank and get the Lein released. This is what they told to me.
I hope if they complete this process within 2 weeks, it will be great.
Coming to income, if I take second loan I can bear to pay the monthly installments. But as you mentioned if it is 2 weeks I can wait till it cleared.

Re: Second Car Loan

Anonymous — Sun, 05 Jul 2015 18:02:04 GMT

@Anonymous wrote:
Thanks for your reply.
Currently AAA is contacting my bank to get the Gurantee letter and I am suppose to send my title to the insurance. Once this is done insurance will pay to the bank and get the Lein released. This is what they told to me.
I hope if they complete this process within 2 weeks, it will be great.
Coming to income, if I take second loan I can bear to pay the monthly installments. But as you mentioned if it is 2 weeks I can wait till it cleared.

Yes, wait till it clears and then get a new car...