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How many open auto loans have you had at once?

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Anonymous
Not applicable

How many open auto loans have you had at once?

Haven't found a thread like this anywhere so I thought I'd ask.

 

How many open auto loans do you have on your report currently?

How many open auto loans has a lender allowed you to have at once in the past?

 

Currently Ally Financial let me have a fourth open auto loan surprisingly.

4 REPLIES 4
Brian_Earl_Spilner
Credit Mentor

Re: How many open auto loans have you had at once?

That really depends on ones income. If you only make $18k a year, I highly doubt you'll be able to get a second loan by yourself. But, if you make $1 million a year, a bank probably won't bat an eye at 5 Honda civics as long as the DTI is within range.

    
Message 2 of 5
sccredit
Valued Contributor

Re: How many open auto loans have you had at once?

I had 4 at one point, all at prime rates.  Currently only have 1 lease reporting.  

 

Brian is correct, you have to be able to support the payments.  In my case I had an income that eliminated any DTI concerns.  

Message 3 of 5
RSX
Valued Contributor

Re: How many open auto loans have you had at once?

I had 1 bike.  Added 1 car.  Then added another bike.  

 

So 3 at once.  Around $77k total.  

 

Dec 16/2019. EX. 721. EQ. 723. TU 746
Jan 25/2024 EX. 774 EQ. 751 TU 758
Inq. EX 2 EQ 3 TU 6 - - CC 2x24, 0x12
Amex BCP $35k - Apple GS $21k - BMW/Elan $19k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Bountiful $10k - Chase United Club Infinite $26k - Citi CustomCash $3k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $31.5k - PayBoo - $15.6k - Penfed Gold - $19.3k - USB AltitudeGO -$19k- USBank Cash+ -$25k - PenFed LOC - $20k - USB LOC - $15k
Message 4 of 5
Anonymous
Not applicable

Re: How many open auto loans have you had at once?

I understand. This thread was more a general inquiry in regards to how many each of you had, not how many will a bank let me have and what do they take into consideration.
Message 5 of 5
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