cancel
Showing results for 
Search instead for 
Did you mean: 

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

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Highlighted
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
Highlighted
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
Highlighted
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
Highlighted
Senior Contributor

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
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.