Need some opinions again , if I financed a truck then a year later I tried to get another expensive vechicle I would most likely get denied because of the truck loan ( that I purchased a year ago , actually haven’t purchased anything yet just using that as an example ) .... so what would happen if I financed the truck with my CUnion then the same day or that week I also went to another dealership and did dealership financing on another vechicle I want , ... is this a loop hole to getting the loans you want? I could easily afford this , I just know how lenders are when you already have a vechicle ... would it be posted to my credit report that same week or can I use this strategy to get what I want and know I can afford .. like would my lender for my 2nd vechicle bought in 1 week know I just bought a truck . Because if they knew that they prob wouldn’t give me the loan ... they don’t know my financial situation as well as I do. Any opinions are greatly appreciated. Thanks
You can purchase 2 vehicles in one day if you so desire. There's nothing wrong with it and many have done it. I've had bank drafts from NFCU, PenFed, and a approval from a capitve lender. I could have easily financed with the dealer, went next door and use the PenFed draft, and if I wanted to, use the NFCU draft as well and end up with 3 vehicles.
Would the auto lenders care? Not as long as they're getting their payment per agreement. It would tank your DTI depending on the vehicles purchased and your income. But for the legality of it...there's nothing wrong with it. Now if it were credit cards you were speaking of it would be another issue as they often soft pull for account reviews even after approval. I've never known a auto lender to soft pull after approval and even if they did there's nothing they could do because there's contract and as long as you're holding up your end of the bargin then they wouldn't care less what you were doing with your credit otherwise.
Banks don't care how many cars you buy as long as you can reasonably afford it and you still meet their lending criteria.
For your plan to be successful, you would likely need to have no open auto loans or leases on your credit report, if your DTI ratio is an issue. Then yes, you could probably take out two loans at once, before the other reports.
Most lenders take anywhere from a few days to a couple of months to report a new auto loan. Sometimes it can even vary witihin the same lender - For example, my first Audi leased through VW Credit (AKA Audi Financial Services) took months to start reporting, but my second lease through the same lender started reporting the week after I bought the car. Killed my DTI and tanked my credit score until the first lease reported as closed.