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Chances of approval ..?

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Contributor

Chances of approval ..?

Hello , I have 2 auto loans right now one that is financed have 17k balance left & a lease 2 more years for that .. would I have trouble getting another loan ? The truck I want is 41k would I need a co signer ?



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New Visitor

Re: Chances of approval ..?

Hello, I am a sales manager and I would honestly say that depending on how much you are trying to finance, and what (new vs used) there should be no real issue if the credit scores you shared are within 20 points of being accurate
Message 2 of 4
Valued Contributor

Re: Chances of approval ..?


@Jaybeltran805 wrote:
Hello , I have 2 auto loans right now one that is financed have 17k balance left & a lease 2 more years for that .. would I have trouble getting another loan ? The truck I want is 41k would I need a co signer ?

It's really about debt to income ratio.   If you have the income you can get as many car loans as you want.  Your scores are fine so take a look at your debt to income level for the answer.  I am a fan of getting a preapproval from a credit union before going to a dealer, they are forced to seek profits by marking up interest rates and adding crap to deals that most don't need.   A preapproval helps control at least one of those variables.

Message 3 of 4
Regular Contributor

Re: Chances of approval ..?

I'm currently leasing a Truck and buying two cars with a DTI at 42%. So anything is possible. Especially at the end of the current model year. Dealers are trying to move their old inventories out.

Good luck.
I've been where you are trying to go and I don't wanna go back.
Message 4 of 4
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