2nd Auto Loan

[Anonymous]

Hello everyone,

I was discharged from chapter 7 in March of 2020. Since then I've brought my fico score to a 687 and my fico auto score is a 713 currently. I got approved for an auto loan in January for 43k with 10k down at 6.5%. 

After I was discharged my income went up substantially 

My credit limit is 15k. I have a pen fed rewards. Cap one platinum , quick silver, mission lane and ollo card. Out of the 15k I have a balance of $25.00. I make it a point to use them all and Pay them in full right away. 

My wife's credit is struggling mainly because Santander still is not reporting her auto loan. 

It's time for her to get a new car. My question is will I be able to take out a 2nd auto loan? I plan on putting 15k or so down and am looking to borrow 25-30.

My income is around 85k annually alone. 

[dragontears]

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@Anonymous wrote:

Hello everyone,

I was discharged from chapter 7 in March of 2020. Since then I've brought my fico score to a 687 and my fico auto score is a 713 currently. I got approved for an auto loan in January for 43k with 10k down at 6.5%. 

After I was discharged my income went up substantially 

My credit limit is 15k. I have a pen fed rewards. Cap one platinum , quick silver, mission lane and ollo card. Out of the 15k I have a balance of $25.00. I make it a point to use them all and Pay them in full right away. 

My wife's credit is struggling mainly because Santander still is not reporting her auto loan. 

It's time for her to get a new car. My question is will I be able to take out a 2nd auto loan? I plan on putting 15k or so down and am looking to borrow 25-30.

My income is around 85k annually alone. 

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Most likely. Normally with auto loans you can get as many as your DTI will support. 

[kr43002]

Might I suggest, instead of falling in the same trap everyone goes into, take the 15k you were going to put down on a car and instead just buy a car straight up. You can get a decent newer car for that kind of money.

My personal opinion out the way, with your DTI being low, and a substancial down payment with a good credit score like yours means you should be just fine to get a car loan. You can call around credit unions or even just get pre qualified from CapitalOne's Autonavigator website.