Chances of getting 2nd car loan?

[Anonymous]

hello all, i have been following the forum for a while and have found great info. my situation is as follows:

i declared chp 7 bankruptcy in 2008 which was finalized in 09. havent had any credit since then as i was afraid to apply for any credit only to be denied. i finished school 5/12 and began working 8/12. i saved up for a down payment and to my surprise got approved for a $16,xxx loan through honda financial at 11.95% w/ a payment of 369.51/month x60 months and 637 EQ score in october. did not finance through my CU they said my financial history and recently opened account would not get me qualified. currently, i make about $7,000/month before taxes, pay my CU secured credit card on time every month, pay an extra 100-150 on the car note on time every month, pay double on my school loan, and have an 640 EQ score.

What are my chances at getting into another loan with a good down payment? How would this affect my chance of refinancing this coming october on the 1 yr anniversary? 

thanks in advance!

[webhopper]

you may try to refi with a different CU...  you might have success now that you've been with it for a while building that history.

A lot of folks have had luck with DCU

[Anonymous]

btw car is a used 2010 civic if it matters. i've been with my CU since 9/12. what is DCU?

[C7LT1]

https://www.dcu.org/ Click the link. From what I hear its a great credit union.

[Dustink]

Save up a large down payment for the second car. Use that as your negotiation tool.

Buy the second car first. Then do the refi shortly after, before the second car even hits your credit report. The bank may just think the INQs are from rate shopping for a refi.

[Anonymous]

thanks but who should i try to finance with? my CU,DCU,dealership?

[Dustink]

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@Anonymous wrote:

thanks but who should i try to finance with? my CU,DCU,dealership?

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Try all of the above. Have the dealer try to beat the best rate offered. The banks may even try to beat each other. "So and so gave me this, can you do better?"

[Anonymous]

so I pulled the trigger and applied for a 2nd auto loan of $20,000. my CU (first jersey credit union) did not approve but DCU did; 5.49%/65 months @ $35x.xx/month. catch is I need to either "trade in or pay off" my existing auto loan with AHF. planned on having both loans but DCU says that based on my previous history they could not take a chance on me having 2 loans. so i have 30 days to accept/decline offer and my question is this: how would i go about trading my current car in? i know i will take a hit being that i still owe a little over 14K, who do i pay the difference to? never traded in a car before or purchased a car with financing other than dealer, thanks!

[Anonymous]

Your choices would either be to sell the car through a private sale and add whatever cash is necessary to meet the loan balance. This would be paid to the CU that holds the car loan. They would then release their lien and provide title to the buyer. Or you can trade your vehicle in to the dealer. The difference between the trade value and the loan balance will be added to your car loan. You would (most likely) then need to make a cash down payment to bring the loan amount in line with the value of the new vehicle purchase. I know some banks / CU's are willing to loan above the amount of the vehicle (Like USAA will go 120% with approval). I don't know what DCU's policy is in that regard. But there will be a maximum loan amount they will approve, depending on the vehicle.