Denied 2nd Auto Loan

[Society1]

Hello, my score is 720 that's to great low utilization and paying my cc's on time! I financed my mother a car(11k) back in May of this year & I went to car lot two days ago for a work van to finance (40k) that I was denied and told not eligible for 2nd car loan due to the one I just got in May.. could I get advice? On what I should do I really need my work van

[pizzadude]

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@Society1 wrote:

Hello, my score is 720 that's to great low utilization and paying my cc's on time! I financed my mother a car(11k) back in May of this year & I went to car lot two days ago for a work van to finance (40k) that I was denied and told not eligible for 2nd car loan due to the one I just got in May.. could I get advice? On what I should do I really need my work van

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Having multiple auto loans open shouldn't be an issue, did they provide any other feedback, Scores, DTI concerns??

[Society1]

No they just said it was too early basically to place another auto loan even after I offered to put 20% down they still said I was a risk! The salesman turned the computer screen around & let me see it with my own eyes I'm like wow

[barca]

Go to capital one auto navigator and see if you prequalify.

it is a soft pull and will give your rates and max loan.

Maybe your debt to income ratio is very high. but try cap one first

[Society1]

Gratitude brother thanks for that heads up. I'll try that ASAP 

[pizzadude]

Sounds like this is just something specific to this lender, I agree you should seek financing elsewhere.

[Anonymous]

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@Society1 wrote:

Hello, my score is 720 that's to great low utilization and paying my cc's on time! I financed my mother a car(11k) back in May of this year & I went to car lot two days ago for a work van to finance (40k) that I was denied and told not eligible for 2nd car loan due to the one I just got in May.. could I get advice? On what I should do I really need my work van

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I don't believe this to be true.   I think maybe your DTI has something to do with not getting financed.  What is your DTI?

[ldkcivilservant]

I had 2 loans placed with the same lender (NFCU) within 3 months of each other. If your DTI and scores support the approval, it should not be a problem. I echo the others, try somewhere else.

[Anonymous]

It sure sounds like Ford Credit would grab you. Your rate will not be the lowest. Probably around 6% but as far as you not getting approved. Based on what you posted is false  You would be approved by many lenders

Thanks

Mark

[805orbust]

Smells fishy. Did you get hit with an inquiry? If not then thir just giving an "opinion" and we know what they are like. It would seem to benefit them as they coul whack you for more interest and benefit. I NEVER go to the dealer without my own financing.  There are some here that like to explore the dealer options but not me. Bad enough I've got to buy the car from them.