How quickly after first auto loan should one wait to apply for second loan?

[fxtrader]

I recently was approved for my first auto loan about 3 weeks ago. I made the first payment earlier this evening (May 7th due date). 

I purchased this vehicle for a family-based business...I might need a car as well. The Toyota finance rep says to make a couple of payments and he could get me approved for a Lexus with a better interest rate (current loan is 6.45%. 700 FICO, auto enhanced was lower). Financed $18,000. 

Should I wait a few months to apply for an additional loan? What are your experiences...any insight would be nice.

Possible BMW / Mercedes approval?

Thanks.

[SamsungHDTV]

It sounds like you applied at the dealership before applying any where else. If that's the case, you need to look into refinancing. At 700 FICO you should be closer to 2% give or take a full percent. I'm concerned you got ripped off on the interest rate which likely  means you might have got ripped off on the purchase price. Your LTV is going to be the main factor in refinancing.

Go talk to your local credit unions. 

[SamsungHDTV]

To answer your question - apply for a second loan right away. If your first loan hasn't started reporting yet then your DTI will look better. I say this assuming you would comfortable be able to afford both payments. There is a DTI restriction for a reason.

[fxtrader]

Thanks for the reply. The rep showed me the auto enhaced score which was 655. My current FICO at that time was 700-724 (this is what is reported by Discover, Barclays, Citi credit card statements). No negatives on any report. The purchase was a last minute thing and I had no time to shop around. 

I will probably refinance in a few months at a credit union. The purchase price was aound $20k. $2,500 down payment.