How likely am I to get approved for a second auto loan?

[Anonymous]

I'm considering applying for a $9,000 auto loan on a 2007 Volvo S80. I recently got a $7,000 loan from my credit union but it was my first loan ever aside from my student loans that I have had for 2-1/2 years.

My credit history is relatively thin aside from student loans. I have an AMEX charge card and revolver that I've had for a few months and have been paying in full with very low utilization 7%.

My scores are EQ:701 TU:713 EX:700

Income of about $55k annual

[racer-x]

Rent or own home, time on job?  It's all about the DTI that they come up with.

At a glance, I see no issue.

Another way to look at it is, you'd basically have 1 auto loan for $16k...Not a problem.

[Anonymous]

Rent is $950 monthly, been at job for 9 months.

Thanks for the quick reply!

[racer-x]

Nooooo, rent is $475, you have a roommate....or $350, you have 2 roommates.

[Anonymous]

haha that would be great! I don't have any roommates though.

[racer-x]

facepalm   . lol.

[EddieK]

The only issue I can see is the age of the car you're looking at.  Most CU's and banks want the loan paid off before the car is 10-12 years old.  Depending on the loan length you may run into an issue.

[racer-x]

I borrowed $9k for a 2001 truck in '12 for 4yrs from my CU.

I think its the value of the car that is the biggest cocern by the cu/bank

[EddieK]

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@racer-x wrote:
I borrowed $9k for a 2001 truck in '12 for 4yrs from my CU.

I think its the value of the car that is the biggest cocern by the cu/bank

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I'm sure there are exceptions, that's why I stated most.

[Anonymous]

You both make excellent points! I will definitely take them into consideration for this loan.

Also, what if i am wanting the CU to loan me the whole amount with no down payment or trade in? Am I likely to get refused the loan or would it bebetter to try the Volvo financial instead? I feel like the CU would be more understanding if I could not/not wanting to put down money.