Need advice for new car loan, pls help !!

[pat0812]

Hi,

I recently crashed my car and it's a total loss

I took a loan on this car over 2 years ago, and after a year I refinanced the loan so on my credit report I have a paid off auto loan and a 2nd refinanced loan that I will pay off soon when the insurance will send me the check for the value of the car. So I should have 2 auto loans paid off on my credit report.

Is this good that I refinanced and that I will have 2 car loans paid off ? Or 1 is better ?

I'm pretty much in a hurry to buy a new car as I need one to get to work.

Could I apply for an auto loan before I pay off the current loan ? (insurance takes time to finish the whole process)

What would you recommend?

I have good credit. No baddies, about 18% UTI with 50K credit limits

My score ranges anywhere between 700-730 on all CRA.

[Dj4Money]

 They don't care you refinanced.

 As for the owed balance on the loan and waiting for the bank to kick you down, I would wait until it shows balance of zero.

 That said, if you are without a car, don't delay as long your DTI isn't out of line you should get approved easily. Does your insurance cover a rental in the meantime? 

[Anonymous]

Sorry to hear about the crash.. Having 2 auto loans on your report is not bad.  If your income and profile supports it, you should be able to get another auto loan to get you going until you get the check from the insurance company to close out the old one.

As the other poster said, it will come down to your DTI.. 

[pat0812]

With the current loand my DTI is about $25,000
My income last year was $105,000
My wage income is 50K and 55K is my dividends from my business
Should I show on a loan only my paystub or also my tax return so I could show my dividends from last year?

[Anonymous]

---

@pat0812 wrote:
With the current loand my DTI is about $25,000
My income last year was $105,000
My wage income is 50K and 55K is my dividends from my business
Should I show on a loan only my paystub or also my tax return so I could show my dividends from last year?

---

I wouldn't show anything until they ask.  With your DTI in comparison to your salary, I think you should be fine getting another Auto loan with no hassle...

[pat0812]

I want to buy this time a more expensive car

What loan amount could I get with a 105K income ?

[Anonymous]

---

@pat0812 wrote:

I want to buy this time a more expensive car

What loan amount could I get with a 105K income ?

---

What cars do you like?  Any particular one? The word expensive is different for a lot of people.. Do you mean Range Rovver?  See.. So what cars are you interested in?

[pat0812]

I want a Mercedes SUV
Starts around 38K and some models 48K
I wonder if I could get most amount financed or maybe is better to get a used car from 2012-2013 and save some money as value of the car goes down fast

[Dj4Money]

 Go to your local CU or Capital One for pre-approval. Around here (Southern California) Capital One works with MBZ dealers. Recently somebody posted getting 1.5% from Capital One with 700+ scorces.

[Anonymous]

---

@pat0812 wrote:
I want a Mercedes SUV
Starts around 38K and some models 48K
I wonder if I could get most amount financed or maybe is better to get a used car from 2012-2013 and save some money as value of the car goes down fast

---

Agreed... Try the credit Union route.. Credit Unions such as Penfed and DCU have good rates.  You can also try a local one also..  But have the check in hand when you go as that gives you room to get the cost of the car down..