Trying to get a second car loan with capital one

[amckee]

I have ok credit low 600s.  I recently got a car loan with capital one 28k 8.9 apr 

but they won't pre approve me for another 

is there a certain waiting period to get a second loan or just my credit isn't good enough

?

[Girlzilla88]

@amckee     It's likely your DTI they are concerned with if that's not it they do look at things like Score, Lates, History etc.  ^^

[tricie17]

Your loan appears to be new which may be why you are being denied. Finance companies look at a whole arrange on your credit. Why are you trying to get a second car so soon? Is there a problem with the first one? Your score, your income, dti as someone else replied. This pandemic has put restraints on credit even with stellar scores so us with below the belt credit must improve.

[sxa001]

How recent was the other car loan?  If your income and profile does not support a second monthly payment it may be difficult to get a second auto loan in your name. 

[Anonymous]

All of the factors mentioned above are true but I also think there is an unofficial waiting period.

Just toying around I have gotten pre-approvals from Cap1 but wen't with my credit union and then tried again a month or two later with Capital one and was no longer preapproved only for the preapproval to come back later.  I don't have exact timelines but I know I looked in April bought a car with credit union but had a Cap1 approval then tried again a couple months later (not sure why just wanted to see "approved' I guess since it's a soft pull) and was no longer preapproved and tried again in December and was pre-approved.   This time was a real request but I ended up leasing instead.