Auto Loan approval odds

[Anonymous]

I would like to purchase a new vehicle for my wife.

I have used my credit union for all of my auto loan financing over the past 8 yrs.

I have 2 open auto loans with them right now.

I only owe $1400.00 on my wifes present car.

Question:

Should I pay that one off completely before applying for a new auto loan with them ?

[sccredit]

Paying off the one would likely improve your chances for another. 

[incognitony]

I would just ask them and see how they would like for you to proceed.

[Loquat]

If everything else on your reports are in order having then loan open shouldn't make that much difference since the balance is extremely low.

Some lenders may care about the amount of open autos but for the most part, lenders care about utilization and debt to income ratio and owning $1400 isn't enough to worry about if the income is right.