Anyone have multiple open auto loans?

[Anonymous]

Hi,

Looking to get a new car to acommodate our new family needs.  Husband's scores are 693 692 697.  Mine are 615 619 625.  Would like to try financing in his name only but his reports have an open auto loan with balance of $6800 and open motorcycle loan with balance of $11000.  One credit card with balance of $10000.  Do you think he could get approval for one more auto loan +/- $25000 in his name only?  His income is approx. $90k.  Anyone have a similar situation/experience to share?

[cabarkeep]

sounds like he might have a chance depending on payment history on the curren auto/mc loans as well as credit card debt to limit ratios ...

Here in CA its been my experience that getting multiple autos in the same persons name is getting pretty tough ...even with 700+ scores ...if the overall credit bureau does not look good (debt to avail credit) as well as income etc ....getting the extra car is hard

If it is going to happen i would think it would be on a less expensive car 15k or less .... all you can do is try ...go to a major dealer who has good rapport with the banks and has a good rep in the area and see what they say ....

Oh and a sizeable down payment also can sway the banks decision too ....

good luck

[WhirledPeasPlease]

At one point about a year ago, I had three open/unpaid leases on my CR (8k, 14k and 17k) and I was still getting approved for CCs and such.  Having multiple auto accts won't tank your score, but to get approved I'm guessing potential creditors will look very closely at your DTI.  (My income was about half of your DHs with 60k in SLs, 0 CC debt, and a 75k mortgage.)

Good luck!

[Anonymous]

yup, 3 loans with jeep and one with carmax. all for my business and a loan with usaa. many vehilces paid off though(14 or so) scores in the high sixes.