My wife and I both want cars. My question is, how much time does it take for a lender to report a new purchase like that to credit bureaus? If we tried to do both at once, I'm assuming, we'd get denied bc we would be taking out a loan for more than we make in a year. So the plan is to get one car one day from dealership A then go get #2 from dealership B. would this work?
My experience over the last 5 years with CNAC ( JDByrider - twice unfortunately ), Capital One Auto, and Ford Motor Credit ( twice this year ) is that all of those reported the inquiries that day or the next, and the account was reported within 3-4 business days.
As long as your income and credit profile meets whatever the lenders standards are-- then you will be approved for as many loans as they are willing to give. Ford gave me two this year, so you have nothing to worry about unless the lenders dont like your credit profile. You could even buy both of them at the same time from the same dealership if you wanted too really.
Also keep in mind that you'll have to describe your credit obligations when applying for car loan #2. Which means listing car loan #1, even if it's not on your reports.
If you have solid credit you can likely get approved for both loans. I have two loans right now and combined are more than my annual income. The last loan also had $4k negative equity rolled in and still got 3.99% rate. My wife has crap credit so everything goes on mine.
I have in the past down what you are trying to do. We both needed cars and got two loans on the same day. INQ's are instant but it just looks like rate shopping. Neither app asked about any of my debt other than my mortgage cost so no fraud was done.
I don't think it's really as uncommon as it might seem... I wouldn't worry about it but as last poster said if you go to a different dealership I don't feel you need to go out of your way to tell them you bought a car earlier and this would actually be car 2, but I don't think it's an issue.
Now if you wanted to get 2 new cars from the same auto maker, it might work in your favor to get 2 at same time close to end of the month!
You can do it at the same dealership if you want 2 cars from there just tell them they have to submit the second car loan to another lender, to them it just looks like your shopping and you will not be denied, unless your credit sucks then yes it will be denied haha.