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Anyone been approved for two DCU auto loans at the same time?

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DeeBee78
Valued Contributor

Anyone been approved for two DCU auto loans at the same time?

I got some bad news today about one of my cars (2012 VW Eos), and it's looking most likely that it will be declared a total loss. The hardtop roof was damaged in a fender bender, and VW wants $13,500 for a new roof, which is about what the car is worth. Currently have a loan on it through DCU, with about $14K balance on it. Not concerned about the difference, since I have GAP coverage.  

 

Thing is, I really like this car, so I would like to replace it with a 2015 or 2016 which were the final years it was made. At the same time, the lease is maturing on my Audi Q3, and I was going to app a loan with DCU in March for a lease buyout on that. 

 

Would DCU approve two new loans at once? The total of the loans is going to be about $45-50K if I decide to do this. The original combined balaces on my lease and loan were about 50K when I got them both, so I've proven that I can handle these payments. It helps that I have no rent or mortgage, so my DTI should look good still. 

3 REPLIES 3
Kree
Established Contributor

Re: Anyone been approved for two DCU auto loans at the same time?

I do not know the answer to your question. But in my experience DCU customer service is super knowledgable and friendly.   Doesn't hurt to give them a call and ask.

Message 2 of 4
bigpoppa09
Established Contributor

Re: Anyone been approved for two DCU auto loans at the same time?


@DeeBee78 wrote:

I got some bad news today about one of my cars (2012 VW Eos), and it's looking most likely that it will be declared a total loss. The hardtop roof was damaged in a fender bender, and VW wants $13,500 for a new roof, which is about what the car is worth. Currently have a loan on it through DCU, with about $14K balance on it. Not concerned about the difference, since I have GAP coverage.  

 

Thing is, I really like this car, so I would like to replace it with a 2015 or 2016 which were the final years it was made. At the same time, the lease is maturing on my Audi Q3, and I was going to app a loan with DCU in March for a lease buyout on that. 

 

Would DCU approve two new loans at once? The total of the loans is going to be about $45-50K if I decide to do this. The original combined balaces on my lease and loan were about 50K when I got them both, so I've proven that I can handle these payments. It helps that I have no rent or mortgage, so my DTI should look good still. 


I have 2 auto loans right now with a Captive lender haven't used DCU before guess it will come down to income and DTI.

Message 3 of 4
Anonymous
Not applicable

Re: Anyone been approved for two DCU auto loans at the same time?

Auto loans are secured loans so there is no reason you shouldn't get approved for 2 loans assuming your DTI is correct and your LTV on the cars isn't outrageous.  Be prepared to put more money down to lower LTV if they ask for more.

Message 4 of 4
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