Second Auto Loan...

[Anonymous]

Excuse me if this is not the correct forum to post this thread...

During my rebuild (the last 2 years) I applied and was approved for an auto loan in Dec. 2015 @ 8.99%. Unfortunately I was in an auto collision in this vehicle, it was deemed a total loss and now I have a few questions that I'm hoping this forum's users could assist me with:

1) I need a car, do I apply for auto loans now or wait for the car that was totaled to be paid off and have it reporting to the CB's?

2) If the answer to the above question is "No, apply now" - do I have to tell the new dealer that I'll be going to that my previous car was totaled?

3) Has anyone had any recent experience with Capital One's Auto Navigator website? I pre-qualified but I was wondering if I have to wait another 30 days to try and pre-qualify again or can I apply before the 30 days are up, which should be 7/28/17?

Thank you.

[Anonymous]

my recommendation would be to get the insruance total loss statement from your insuracne provider...it should simply state the vehicle you had insured and that it has been deemed totaled. With that I would call a few credit unions as they typically always offer the best interest rates and get pre-approved (mention that your current open auto loan has been totalled by insurance and provide them proof) once pre-approved find the vehicle at a dealer you like that fits the criteria and let them know you have your own financing.

If you were to go the route of going to a dealer for financing just simply take that insurance settlement paper with you so that the finance manager can inform the banks/financial institution's that you aren't seeking a second auto but in fact your current loan has been totalled and will be paid off. Unfortunately some bank's have internal scoreing systems that aren't strictly based off your score and you could possibly be tiered in a lower tier because of a current open auto on your reports already.