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Loan amounts based on previous loan

New Member

Loan amounts based on previous loan



Looking to get into a new car in the next few months. How much more from your last auto loan to lenders approve you for?

Had 1 auto loan for 3 months, 42k / 72m


Within those 3 months I paid it down to 35k and refinanced. 

payed down the 35k /60m loan within 12 months. My credit report shows both of these loans, separately, both closed and paid in full as agreed.


scores 700ish all around, no negatives, 300k-ish income. DTI under 2%, no other loans besides some CCs. Total credit history is only 2.5 years though.

Looking to get into a car around 130k and wanted to plan how much I'll need to put down.


thank you 

Message 1 of 3
Community Leader
Senior Contributor

Re: Loan amounts based on previous loan

Based on your current profile (income, DTI) and healthy down payment, it would seem to me that getting a $130K car is not a problem at all.  I don't think getting an auto loan for double what you once did is out of the question if your profile and cash warrants it and it sounds like it does

Message 2 of 3
Valued Contributor

Re: Loan amounts based on previous loan

I wonder where you are getting your score from. With a 2% DTI it would seem your score would be MUCH higher if you have low balances on your cards, even with only a 2.5 year history. I would pay down some of that if possible and get that score above 740... things get REALLY easy above that number.


Make sure you are using a FICO score and not a useless Vantage score. As @cashorcharge  said I believe it's in the realm, but you definitely want the best terms possible. 

Message 3 of 3
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