Is It Possible To Be Approved For 2 Auto Loans In One Month?

Is It Possible To Be Approved For 2 Auto Loans In One Month?

I'-m wondering if it is possible to be approved for 2 auto loans in one month? I need a car for myself, because i am going to let my wife have the vehicle i am using. Another problem is, my son needs a car as well. Is it possible to get financed for 2 cars in one month, or is it impossible? Wouldn'-t it show up to the lendor that their is already a vehicle financed? Wouldn'-t it be a good idea to go to 2 different banks or lendors for the financing? It would not be viable to apply for 2 auto loans from one company would it? So basically my question is this. Is it possible to be approved for 2 auto loans from 2 different lendor'-s in one month? I'-m confused on how it works and if it'-s not possible, what would be another viable option?I hope this makes sense,Any info is greatly apreciated.Thank you.

Waddy

Yes, it IS possible, but why would you want to do something like that, when you COULD do something much better for your specific situation. If your son is 18, then FIRST go with him to pick out a car, and co-sign his loan so that it will be building his credit and will get approved because you are on the loan. It may be a little higher rate for him, but you will be doing the best thing you can for his credit... building it. THEN go out and get the second one on your own. I mean you could do it the way you were explaining before but you'll need credit in the 700's on the fico score and a huge downpayment on the second car. Aside from that, why let your son have a new car? Take out a loan for about 4000 after you get your car and have him go through the newspaper and get a used car that you won't worry about as much... after all it is his first car, it's GOING to get a few dings. Try for a corolla as it has great saftey ratings, good on gas, and is less expensive than others that will lower his insurance costs. It is one of three vehicles that will cost the least for a male under 25.Source(s):Worked in the car sales biz, quit cause I have morals lol.

robert

unless u r a good pay master n no bad debts with the banks.

oLd5cho0L

I am a pro at this since I have been selling cars for the last 9 years. I deal with this situation on a daily basis. The only way a lender can find out what other loan you have on your credit is by your credit bureau. If the vehicle you purchased has not hit the bureau yet then you can go to another lender and get a second loan. (That is if you dont have enough provable income to show you can pay for both vehices). Another way you can do it is if you make the money to have both cars then it doesnt matter whats on your bureau. The banks normally use 15-18% of your gross income to calculate how much you can pay a month on a car. EG: 3000.00 a month qualifies you for $540.00 a month. You can have a $540 a month car note or (2) $270.00 a month notes.You can also go with a co-signer. It can be anyone even someone with no credit at all since you can justify why you need another loan. In Texas you can only buy a car for yourself(direct family). There is a Straw Purchase Law in effect. Hope this helped!!! GLNO YOU WILL NOT LOSE YOUR CARS EVER!! Once a bank approves and funds you loan they cannot take your vehicle!And open credit cards are very very good! MAXED out cards are not. Have your cards 49% or less used up! It will boost your credit score!Source(s):Beck&Masten Pontiac/GMC/Hummer 1960 in Houston [email protected]

Boots

With EXCELLENT credit and lots of bank roll it's possible. Also, close any credit card accounts you don't use. Open credit is not always a good thing.

Garacaius

Yes, it is possible. Do both loans at the same lender.

San

If your credit and income are good enough it should be no problem to get loans to buy two cars.If you get a loan for one and then go to another bank and don't tell them about the first loan, you are guilty of fraud. Don't do it. It could cost you more than your credit rating.If your current car is paid off there is a chance that you can use that as collateral to buy one for your son.If your income is not good enough to cover your other expenses and car payments you may run the risk of investing your money and then losing the car or cars.I hope you will look at your transportation needs. Do all three of you each need a car? Can your son share when you or your wife are not using yours? Can you carpool sometime?

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