Overhaulin'

Getting a personal auto loan with an existing auto loan out...?

Hey, I have an auto loan right now for a used car. I am going to be selling this car when I get a new truck but can't sell it first as I need it for work everyday and can;t take the chance of not getting a vehicle. I found the truck I want through a private owner and wanted to get a loan for it and buy it than sell my car I have now. I am 22 years old and have good credit...paid my car payment through direct withdrawl on time every month for over a year, paid off students loans, paid on credit cards every month, and stuff like that. The loan I am asking is for the same amount I purchased my car for. Do you think it would be a problem for me to get the loan as I already have one out, or is there any tips for me to help get this loan or any advice. Thanks alot!

Public Comments

1. call the loan officer and give him the pitch see what he says/
2. The only way to find out is to apply for the loan through your lender and wait for the results. Your total debt to income ratio will go sky high with two auto loans outstanding but with the understanding that you will be selling one of them they may let it slide. it all depends on your relationship with the bank.
3. I'd say Yes