Insight on getting a second auto loan without trade in of current car

[Anonymous]

Im needing to get a second vehicle (SUV) I have a semi thin file my longest accounts are my mortgage and 1 of  my credit cards is about 1.5 years old Ive gotten about 5 (CC) new accounts over the last six months everything is in great standing, My ex husband financed everything in his name including cars so I barely purchased a car in my own name back in February with SSFCU. I make about 150K a year my DTI is currently at 18. I have 2% credit card utilization, but im a little worried they will want me to trade in my (Sedan) not wanting to do that. Do I have good chances at getting a second auto without trade ? I'm wanting to maybe finance with one of my local credit unions I have RBFCU, SSFCU, UHCU or NFCU the suv im wanting is 48K.

All of my scores are 700+.

[Anonymous]

In the auto world your profile would be considered good credit. You will not have to trade in your car. I just purchased a car with a profile similar or even slightly worse than yours (BK on file) and I did not trade in my other car. The dealer will ask but that is because it is just a another revenue stream for them (by giving you less for your car then what you can get selling it yourself).  I said no, I’m keeping my car and it was never brought us again.

Note, I’m basing this on the acccuracy of your stated DTI and also assuming you’re not buying a $100,000 Tesla 😆

As long as the two payments don’t push you over their DTI requirements set by the lender.

Since you have multiple credit unions, pick one and go talk to a loan officer. They can crunch the number for you and save you a ton of time. Don’t let them pull your credit until you are ready to buy. You have a 14 day credit score window when car shopping 

[Anonymous]

Thanks Morpho!
Yes I just calculated my DTI with Wellsfargo’s dti calculator this morning😊. I appreciate the feedback. I’m waiting to hear back from my credit union now they are using the same inquiry from a May credit card I got with them so it won’t be another hard pull.

[Anonymous]

I suspect you will be fine, you have good scores and a good DTI ratio so you should be fine.

Let us know how it all turns out.

[pinkandgrey]

With your income and DTI, it shouldn’t be a problem.