topic second auto loan possible in Auto Loans

second auto loan possible

Anonymous — Wed, 20 May 2009 10:41:59 GMT

I looking to finance a second vehicle in the 10000-12000 price range with very little to no down payment. I am military and make approx. 45000 a year. I currently owe 20000 on my current vehicle and recently bought a house. Mortgage pymt is 1000. I have aprox.4000 in credit debt. My equifax score last time i checked was 697. Do my chances look good or does look like it probably wont happem. Thanks for any advice. Oh looking to purchase either a newr 07-09 focus or cobalt if that helps

Re: second auto loan possible

Anonymous — Sat, 23 May 2009 19:41:45 GMT

bump

Re: second auto loan possible

Anonymous — Sat, 23 May 2009 21:13:38 GMT

NFCU would probably finance it. Whether you should do it or not is your call.

Re: second auto loan possible

cw81 — Sun, 24 May 2009 03:30:35 GMT

You don't qualify for 2 loans unless you take a qualified cosigner no one will finance a second loan.

Re: second auto loan possible

Anonymous — Mon, 25 May 2009 01:30:18 GMT

@cw81 wrote:
You don't qualify for 2 loans unless you take a qualified cosigner no one will finance a second loan.

There is not enough information given to qualify that statement.

Only the OP knows if the 45K is gross or net. Only the OP knows his current DTI. And since I would assume the OP is married hence the need for a second car, only he could tell us if his wife has a job.

Personally I think the OP has too much debt to support a second loan, esp if the 45K is gross, even if he caould get approved for a second loan.