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How many open auto loans have you had at once?

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Regular 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.

Current Score (01/13/2020): EXP: 680; TU: 684; EQ: 665
Gardening as of 01/13/2020

Community America CU Cash Rewards - $10000 | Discover It Cash Back - $4000
Nordstrom Credit Card - $4000 | BMO Harris Cash Back MasterCard - $4000
Discover It Cash Back - $2000 | US Bank Cash+ Visa Signature - $2000
Target Red - $1100 | Chase Starbucks Visa - $1000
Capital One Quicksilver - $700

Total Credit: $28800
4 REPLIES 4
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Community Leader
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.







Message 2 of 5
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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.  

Ch 7 Discharge 3/12/2018
Cap One VentureOne $3,500, CapOne Savor $3,000, Kohls $2,000, BBVA $2,500

Closed CreditOne $800, Blaze MC $3,000, Waufair $5,000

Infiniti Financial lease
Subaru/Chase 1.99%

Message 3 of 5
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Established 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
Dec 16/2019. EX. 721. EQ. 723. TU 746
May 17/2020 EX. 733 EQ. 729 TU 753

July 5/2020 EX. 726 EQ. 720 TU 745
Inq. EX 8 EQ 4 TU 3


Cards
Amex BCP $20k
Apple GS $15k
BMW/Elan $2.5k
Cap1 QS $16.7k
Chase Amazon $13.6k
Chase United Club Infinite $20k
Citi DC $13.5k
CreditUnion1 $9k
DiscoverIT $20.5k
HSBC Gold - $10.5k
Wells Sig Visa $12k
Message 4 of 5
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Regular 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.
Current Score (01/13/2020): EXP: 680; TU: 684; EQ: 665
Gardening as of 01/13/2020

Community America CU Cash Rewards - $10000 | Discover It Cash Back - $4000
Nordstrom Credit Card - $4000 | BMO Harris Cash Back MasterCard - $4000
Discover It Cash Back - $2000 | US Bank Cash+ Visa Signature - $2000
Target Red - $1100 | Chase Starbucks Visa - $1000
Capital One Quicksilver - $700

Total Credit: $28800
Message 5 of 5
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