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How many open auto loans have you had at once?

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Contributor

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.

Starting Score: (5/01/2017) -- EXP: 495; TU: 445; EQ: 460
Current Score (07/29/2019): EXP: 675; TU: 691; EQ: 687

Target Red - $800
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4 REPLIES 4
Super Contributor

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.








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Message 2 of 5
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.  

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Message 3 of 5
New 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.  

 

July 31/2019. EX-712. EQ-704. TU-726
Message 4 of 5
Contributor

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.
Starting Score: (5/01/2017) -- EXP: 495; TU: 445; EQ: 460
Current Score (07/29/2019): EXP: 675; TU: 691; EQ: 687

Target Red - $800
Discover It Cash Back - $1000
Capital One Quicksilver - $700
US Bank Cash+ Visa Signature - $1000
Message 5 of 5
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