Second car loan? Is it possible?

[Klineact]

Will a bank lend on a second car loan? Trying to get a truck bc we are getting a travel trailer (paying cash for the RV).  Income is $180K base plus $25K bonus per year.  I have $2K in CC debt which is like $30 a month (at 0% or I would pay off) a $235 a month car payment, a $477 a month loan payment and $816 mortgage. No other debt.  My scores are EQ 804, EX 783 and TU 786. I have no negatives on my report.  I dont want to have to trade in my other car with the loan bc its my ride around town car that gets excellent gas mileage which I wont be getting from whatever truck I end up buying (Probably a Tacoma). 

[Horseshoez]

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@Klineact wrote:

Will a bank lend on a second car loan? Trying to get a truck bc we are getting a travel trailer (paying cash for the RV).  Income is $180K base plus $25K bonus per year.  I have $2K in CC debt which is like $30 a month (at 0% or I would pay off) a $235 a month car payment, a $477 a month loan payment and $816 mortgage. No other debt.  My scores are EQ 804, EX 783 and TU 786. I have no negatives on my report.  I dont want to have to trade in my other car with the loan bc its my ride around town car that gets excellent gas mileage which I wont be getting from whatever truck I end up buying (Probably a Tacoma). 

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There was a thread here just a week or two ago on the very same issue.  In that thread several folks with professional experience from the financing side said one of the reasons why a second car loan is typically approved is if the second vehicle is a truck, so you should be good to go.

FWIW, after decades of driving exclusively cars, I bought a Tacoma a while back; I love it.

[dfwxjer]

Yup very much possible with those numbers. 

[JoeRockhead]

You should have no issue getting another vehicle loan. 

[cashorcharge]

Coming from someone that already has 2 car loans currently.....and neither are trucks....if you have the income and scores to support this...which it appears you do...you should have no issue getting this.  Have fun shopping! @Klineact 

[Klineact]

Great thanks everyone.  I actually went to the Toyota dealer tonite and test drove a Tacoma and a Tundra. Much to my disbelief I liked the Tundra more than the Tacoma.  Unfotunately they are really expensive but it is a truck I know I will have for years bc Toyotas last.  I have decided to maybe get a gently used low mileage one instead of new so I am on the hunt for my perfect truck. Thanks again for the responses. I did ask the sales guy at Toyota the same and he said with my stats I should not have any issue financing.  

[Klineact]

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@Horseshoez wrote:

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@Klineact wrote:

Will a bank lend on a second car loan? Trying to get a truck bc we are getting a travel trailer (paying cash for the RV).  Income is $180K base plus $25K bonus per year.  I have $2K in CC debt which is like $30 a month (at 0% or I would pay off) a $235 a month car payment, a $477 a month loan payment and $816 mortgage. No other debt.  My scores are EQ 804, EX 783 and TU 786. I have no negatives on my report.  I dont want to have to trade in my other car with the loan bc its my ride around town car that gets excellent gas mileage which I wont be getting from whatever truck I end up buying (Probably a Tacoma). 

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There was a thread here just a week or two ago on the very same issue.  In that thread several folks with professional experience from the financing side said one of the reasons why a second car loan is typically approved is if the second vehicle is a truck, so you should be good to go.

FWIW, after decades of driving exclusively cars, I bought a Tacoma a while back; I love it.

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Did you by chance test drive a Tundra? I drove both and for some reason I liked the Tundra more than the Tacoma.  I wish I didnt bc its more $$$ I will be happy with either tho they are such nice trucks!

[Horseshoez]

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@Klineact wrote:

Great thanks everyone.  I actually went to the Toyota dealer tonite and test drove a Tacoma and a Tundra. Much to my disbelief I liked the Tundra more than the Tacoma.  Unfotunately they are really expensive but it is a truck I know I will have for years bc Toyotas last.  I have decided to maybe get a gently used low mileage one instead of new so I am on the hunt for my perfect truck. Thanks again for the responses. I did ask the sales guy at Toyota the same and he said with my stats I should not have any issue financing.  

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For some of us, myself included, the fact the Tacoma is offered with a manual transmission is all the differentiation we need; no automatic Tundra (or Tacoma for that matter) will darken the threshold to my garage. 

[mavric]

       I say go for it!      Just got my third car loan in 2 years.   Well one is a lease, 2 "car loans"    One truck, 2 Durango"s   

         $125K year  and no other loans ,house payed off    BTW  auto score was 851   

      Yes it can be done!

[Realist]

Looking at your information, it seems like a no brainer, even in this environment.   If your credit profile and FICO score is strong enough, they'll beg you to do busines with them.  It may even push up your FICO score showing fortitude in how you manage debt load.

We borrowed through one instituation for three loans simultainously.  Shortly after, an energy efficient loan.  Individual loan.  Through another instituation, borrowed for three toy loans, quoted one total but dispersed as three loans in the event we ever wanted to sell one off at a time - ever, and the rep asked us if we would like to acquire one of their credit cards?  They already pulled the hard inquiry, so it was a free credit card in the five digit range.     Sure, why not.

Paid on all of it reasonably, and relatively quickly.

Never discount the power of your credit profile.  There is so much you can do with it.   You can only do this, if you keep it in good standing every step of the way.