2nd Auto Loan

[rbizzle]

I'm looking to purchase a second vehicle.  A 2012 Toyota Venza AWD.  Total amount of the loan is about $33,000 and we have about $2,000 to put as a down payment.  I just recently purchased a 2012 Toyota Camry SE back in April i got the promotional 2.9% from Toyota Financial at the time.  My question is how hard is it to get a second auto loan in my name only?  My scores are around 680-690 across all 3.  My gross monthly income is $5,000. The car is for my partner, the only reason i'm wondering if this can go in my name only is because the mortgage is in his name only and we wanted the cars to be in my name only.  What are lenders looking for when is comes to a second auto loan?  Any advice is appreciated.

[pizzadude]

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@rbizzle wrote:

I'm looking to purchase a second vehicle.  A 2012 Toyota Venza AWD.  Total amount of the loan is about $33,000 and we have about $2,000 to put as a down payment.  I just recently purchased a 2012 Toyota Camry SE back in April i got the promotional 2.9% from Toyota Financial at the time.  My question is how hard is it to get a second auto loan in my name only?  My scores are around 680-690 across all 3.  My gross monthly income is $5,000. The car is for my partner, the only reason i'm wondering if this can go in my name only is because the mortgage is in his name only and we wanted the cars to be in my name only.  What are lenders looking for when is comes to a second auto loan?  Any advice is appreciated.

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I think it will probably come down to your DTI ~ if you factor in all your monthly debt payments ( including the first car payment ), how much does that leave you for another car payment ?

[rbizzle]

without the new loan my DTI is at 23% with the new loan i'm figuring around 29-30%....that is of course if i'm figuring that correctly.

[bbb3601]

my scores are about the same as you and I have purchased 2 new cars with TFS this year.  Like the 1st one if you are tier 2 and up no stips. NO cash was required down, and unless the promo is over they had venza at 0% for 60 months. I got a Rav.