Can I get a second car loan?
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  1. #1
    Join Date
    Apr 2006
    Posts
    3

    Can I get a second car loan?

    OK I am seeking to buy a fair condition vintage VW. I'm looking to pay $5000-10,000 for it and I really would like to get one by sometime this summer. There are not many of these left and the longer I wait/procrastinate, the less likely I will be to find one that I want and in my price range. I have been thinking about possibly taking out a used car loan so that I can get the VW I want before it gets sold to someone else, and then I can pay off the loan early(a few months from now).

    But here's the deal:

    a) I just got a new car 6months ago with a loan for $26,000(I put $6,000 down), and although I pay more than the minimum payment EVERY month(we're talking $1500/month for a car loan with a $490/month payment!!), it is my first car loan so I'm not sure if that'd hurt my chances of getting a second(but significantly smaller) car loan. I do make enough money, about $1500/week, but I am self-employed so I do not readily have paystubs.

    b) My credit is mediocre at best. I generally pay all my bills on time, for over a year now they'd ALWAYS been paid on time and IN FULL(I never pay interest on credit cards, always pay more than min payments each month on my loans). However, in January 2005 I was unemployed so I had 4 30day lates go on my credit report and a charge-off with Amex that really wasn't a chargeoff so I'm disputing that inaccuracy now. In 2002, some a$$hole didn't pay his share of the rent and that resulted in a judgment against us, but I paid that in full only months after the judgment was rendered(later I sued the 2$$hole for his share of the rent money that I had to pay for him, and put the lawsuit money towards my new car!!). Overall I'd say my credit score is in the low 600s.

    Is there any chance that anyone would give me a second loan? Esp if it's of a much smaller value? I'm thinking that maybe I'd only get a loan for $5,000 and pay for the rest of the cost in cash out of pocket. My credit union says they require an Experian FICO score of 600 or better to get a loan, but is there a chance that they might use their "own" credit scoring system(as car dealers do) and say my score is lower than my FICO? Or could they say that I have the required credit score, but the paid judgment or new car loan hurts my chances of getting the loan? Also, are there any lenders that give out loans easily iwth barely any credit requirements?(i.e., subprime lenders) NOTE: I'd be paying off this small car loan within 6 months, so interest rate isn't really much of an issue. Thanks for all your help!


  2. #2
    Join Date
    May 2002
    Posts
    27

    Can I get a second car loan?

    wow- what line of work are you in that youre making 1500 a week being self employed? id like to hear the scoop on that..

  3. #3
    Join Date
    Apr 2006
    Posts
    3

    Can I get a second car loan?

    But what does that matter? All I wanted to know was if I would be able to get a second car loan. Yes or no.

  4. #4
    Join Date
    Mar 2006
    Posts
    9

    Can I get a second car loan?

    I don't see why not. I got a new car lease, while making payments on a car laon and bought a house with a credit score of 591.

  5. #5
    Join Date
    Jan 2003
    Posts
    4,928

    Can I get a second car loan?

    You probably could. But making those big payments on that car loan may not be helping you.

    You need to know how the interest is computed. If it's front-loaded, paying it off early doesn't save you much on interest, and if you should lose a job or have a medical emergency you have no money.

    You'd be better off putting at least part of that money in a fairly liquid investment (a good money market fund) where you can get it if you need it.
    The Answer is 42!!

  6. #6
    Join Date
    May 2006
    Posts
    5

    Can I get a second car loan?

    To the question can you get a second car loan. The answer is YES! Generally speaking, if your credit marginal or bad. It's one car loan per person. So in order to get the second car loan. You would need a wife or girlfriend on the paper but since your second car loan is really only just a hobby type of specialty vehicle and not another $20,000 car loan. I can tell you emphatically that in the State of Oregon I could hang a second car loan for you in seconds.