Multiple Car Loans

[Anonymous]

I currently have 2 loans out... One w/ Gateway One Lending  & Wells Fargo with my husband as the joint co signer. Im interested in leasing or purchasing an uised Infiniti SUV.

Wanted to know if my chances since I have those 2 loans out already. Ive never been late on neither and my credit score is in the late 600's. I dont mind giving a down payment. Just need a SUV since I just had a baby and its very difficult getting him in/out of the car. I would trade in one of the other vehicles but we're upside down so I would rather just pay them off. Any suggestions or tips?

[Anonymous]

I suggest to everyone join a credit union and finance your car through them.  The reason is that by and large and certainly almost always for folks with credit in the 600's you will not find better terms.  In fact other than folks in tier one where a .9% type deal is available for factory sponsored financing you cannot find better terms.  Also credit unions tend to look at the whole customer rather than just the scores.  DCU is very popular here for car loans, if you can get into NFCU I would also suggest them.

[Anonymous]

Im in Georgia so do you think DCU & NFCU will have an issue approving me?

[Anonymous]

It is no problem at all, they issue loans for cars in every state. Just have to join which for DCU anyone can, NFCU is much stricter.

[jim44]

Good advice from Workingfor 850.  Before you join a CU you should ask about their multiple car loan policies.  Some lenders allow multiple car loans for husband/wife/SO. A lot depends on your income whether you can support mutiple loan payments. May your car buying and financing be a pleasant experience!

[C7LT1]

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@Anonymous wrote:

I currently have 2 loans out... One w/ Gateway One Lending  & Wells Fargo with my husband as the joint co signer. Im interested in leasing or purchasing an uised Infiniti SUV.

Wanted to know if my chances since I have those 2 loans out already. Ive never been late on neither and my credit score is in the late 600's. I dont mind giving a down payment. Just need a SUV since I just had a baby and its very difficult getting him in/out of the car. I would trade in one of the other vehicles but we're upside down so I would rather just pay them off. Any suggestions or tips?

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If your income supports the new auto loan payment you will be approved. NFCU approved me for a house while carrying 1 auto loan and 2 motorcycle loans then USAA approved me a unsecured personal loan so I at one time I had 4 installment loans. 

So again I say its more about DTI ratios versus the number loans you have out. I hope this helps.