Second Car Loan

I have taken a car loan of $22,000 from DCU @1.74% in May and my car got totaled last week. I paid 2 installments to bank as of now. insurance company adjuster gave a price which I am satisfied and the process is still going on, I think to clear all it will take time, any idea generally how long it will take ?
In the mean while I would like to apply for another loan to buy another car. Instead of paying to a rental car I believe paying to a loan is better.
Is it a good decision to apply for another loan of $20K at DCU? And what are the chances that I will get a loan? my FICO score is 697.
Thanks in advance.

Welcome to MyFico. Getting a 2nd car loan will all depend on your income. As for how long it will take for the adjuster, it will depend on the insurance comapny. Some are very fast while others are slow. Within the next week or 2, you should have that completed.

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Odds of getting a 2nd Car Loan

Currenly my situation is as follows, Military Family living on base in Tucson AZ.I make 45K a Year. (US Airforce)My wife makes 28K a year. (Family Child Care Worker)We currently have 1 vehicle co signed together and bought it about 7 months ago before my wife even had a credit score or a job. We owe roughly 27K on it @ 6.9% APRWe both have credit scores in the mid 600s now and have NEVER missed a payment on a vehicle or have anything in collections.We have about $750 a month going to debts $410 of that is the car payment the rest 2 credit cards and a small 4K personal loan. ( All On time payments)We would like a full size truck for towing and family trips. What do you say the odds of getting a second car loan would be? Any advice? Thanks!

Welcome to MyFico.. How much are you looking to borrow for the car?

Cant get a car loan!

I have four unsecured credit cards I got a Chase Slate 1500 credit limit, Discover it card 1500 credit limit, Best Buy Credit Card $2200 Limit, Amazon Credit Limit of $2100. I also have credit with PayPal for $500 and I still have first credit with Capital One of $500. But I am still not getting into a used car loan, I make $9.98 and hour and I bring home $623 every two weeks My credit score is around 680 to 710, I have 25 credit inquires on credit report I dont know if thats a problem or not most of the inquires come from applying for auto loans.

Since you have good FICO scores, i strongly recommend going for a BRAND NEW CAR. Since you already have 23+ inquiries adding another 6-8 to it within a short period is not so bad.unless you have aspirations of getting more credit. I bought a brand new 2015 chevy equinox LS with nearly your scores and $20k financing at 3.99% for 72mos. I was adamant that my income was all commissions only and that i showed him my 655 TU Fico Auto Score and told him i have been in business many many years and that i want you to not apply with captive lender GM financial but find a bank or credit union and use only one bureau. 15 minutes later he found 3.99% for 72 mos. No biggie. they care that you are HAPPY CUSTOMER and HAVE BRAGGING RIGHTS TO SAYING" we did all we could to put you in a brand new car.?"its just not the same with a USED CAR .

After Chapter 7 Car Loan and Rebuilding

This board has a weath of knowledge and has been a big help for me during the process of BK Chap 7 and rebuilding so I thought I would share some hope with everyone. Filed Chap 7 in April 2015 due to a divorce and job loss and health issues. My lawyer asked me why I waited so long? Tried to fix it all myself but was about 125K in debt. Discharged all but 1k and was finished by late June. Now starting the rebuilding process. Got a 400.00 Fingerhut card....but who can afford to buy this stuff? Oh well I will use it once just to have something on my report. Also got a Credit One bank card with a 300.00 limit. Easy to get. Use it for gas and pay it off every month. My scores after BK have climbed from the low 440's to as high as 695 on Experian in July 15. Now in early August Im at 683 Experian and 674 Transunion. So reading all the recommendations and now looking at my 28+ year credit history that is gone, now it shows about 1 yr, I knew I needed to have good payment history moving forward to rebuild. Car loans are supposed to help, so even though I wasn't planning to get a car until next spring, I couldn't stand the curiosity of whether or not anyone will finance me. So I went online and of course RoadLoans gave me 23K with no down car loan at 17%. Off I go to Carmax. They rerun my credit and it takes forever for all the banks to run me thru.....I wait, I wait. I'm looking at a 2014 Hyundai Santa Fe that's about 25K and over my approval amount. Still wait. All the banks decline but Wells Fargo is still in a holding pattern. After what seemed like an eternity, they blow RoadLoans out of the water and give me the 25K with 0 down and 10% interest! So I'm moving along in the process of rebuilding. Figure I will refi in about a year for lower interest thru my credit union.

NCSCNative wrote:
This board has a weath of knowledge and has been a big help for me during the process of BK Chap 7 and rebuilding so I thought I would share some hope with everyone. Filed Chap 7 in April 2015 due to a divorce and job loss and health issues. My lawyer asked me why I waited so long? Tried to fix it all myself but was about 125K in debt. Discharged all but 1k and was finished by late June. Now starting the rebuilding process. Got a 400.00 Fingerhut card....but who can afford to buy this stuff? Oh well I will use it once just to have something on my report. Also got a Credit One bank card with a 300.00 limit. Easy to get. Use it for gas and pay it off every month. My scores after BK have climbed from the low 440's to as high as 695 on Experian in July 15. Now in early August Im at 683 Experian and 674 Transunion. So reading all the recommendations and now looking at my 28+ year credit history that is gone, now it shows about 1 yr, I knew I needed to have good payment history moving forward to rebuild. Car loans are supposed to help, so even though I wasn't planning to get a car until next spring, I couldn't stand the curiosity of whether or not anyone will finance me. So I went online and of course RoadLoans gave me 23K with no down car loan at 17%. Off I go to Carmax. They rerun my credit and it takes forever for all the banks to run me thru.....I wait, I wait. I'm looking at a 2014 Hyundai Santa Fe that's about 25K and over my approval amount. Still wait. All the banks decline but Wells Fargo is still in a holding pattern. After what seemed like an eternity, they blow RoadLoans out of the water and give me the 25K with 0 down and 10% interest! So I'm moving along in the process of rebuilding. Figure I will refi in about a year for lower interest thru my credit union.Welcome to MyFico Congrats on the new vehicle and thanks for sharing your story

Need car loan, having difficulty rebuilding credit.

Hi there! 4 years ago, I was unemployed for about a year. This caused me to lapse on quite a few bills which ended up in collections. Since then, I've paid off about half of them, but the other half have been very difficult to pay off (either the CA has not been helpful in even sending me a letter saying that they will mark it as paid, or other reasons). I have a steady job that pays around $80K, and recently my fiancee's car died. So, we applied for a car loan... which was rejected for derogatory marks (it was made clear that even with a good cosigner, I would not be approved). I have been unable to get any forms of credit to rebuild my credit history - the best I have is a secured credit card (which itself has good history) and am on my fiancee's card (which has good history). I'm simply unsure of what to do at this point. A dealership offered a loan at 25% APR, but it raised the price of the car such a ridiculous amount that I simply cannot afford it anymore (and I can't justify paying _double_ on a car in the end after interest). I honestly have no idea what to do here. Paying off all the creditors still won't remove derogatory marks. Nobody is willing to give me credit other than a ridiculously expensive car loan. I really can't wait a few more years for things to drop off. My current FICO scores show up from the low 600's to the upper 500s. I have been unable to get them to change. Help?

You are pretty much stuck in a deep rut. I was in a similar situation and at the bottom, you just have to make a move, and keep good receipts and records. My suggestions:Pick a debt that is updating monthly on your CRs and after verifying that a CA is the owner of the debt, pay one off. You may not get a PFD, I never did, but several did come off after it was settled, especially medical bills. Some CAs will allow you to make a payment plan, but you must be able to complete it. Others require a lump sum. If you can get the OC to recall the debt and cancel the CA, that is the best arrangement. Then you pay the OC and the CA has no authority so has to be removed from your CRs. If you cant get a PFD and you cant do a PIF, then try for a settlement that will at least make it 'legally paid for less than original amount'. Try to get secured cards, they will still count as Revolving accounts. If you can get a secured card that will graduate to unsecured, that is ideal. You need at least 3 revolving accounts. Keep paying off old debts and keep current with new obligations and your scores will improve. I saw good increases after I got each of my first three cards, and they were all small, as in 250 secured and 300 to 500 unsecured with extremely high interest rates.. hth ETA: And go the Rebuilding Credit forum and read everything! Even posts that dont look like they might apply to you will have info that will come in handy at some time in the future.

NEED a car loan but I have outstanding collections...and no score

ok people. I need help. I NEED a car loan but I have outstanding collections...and no score. I am in the worst possible situation. My car completely went and I can't really afford to fix it. I am trying to work on my credit, just recently got a secured card and am working on paying off 10 remaining collections. (all small - total of about $4k) So I wasn't planning on applying for a car loan right now, but I figure IF i can get one it will only help my credit. Problem is I stopped using credit about 5 years ago and was advised that I have NO SCORE. (the secured card is only one month old, don't think it's reporting yet) DOES ANYONE KNOW OF A BANK THAT WOULD GIVE A CAR LOAN WITH THE NO SCORE/COLLECTION COMBO I HAVE GOING ON? Thanks, I appreciate it! I'm in a crunch as I have a rental car and just really need to figure something out.

SueNami wrote:
WELLLL... I 'could' get a junker... but my biggest issue is that my commute is 43 miles one way and that doesn't count dropping my kid at daycare. All in all I'm on the road about 2 1/2 hours per day and I'm just terrified of another car letting me sit. I know there's no guarantee with any car... but IF someone here knew of a place that would give a loan and I could get a reliable vehicle I'd feel much better about it. I'd prefer NOT to do the buy here pay here cause the prices of the cars are rediculous. If I can buy a car at value but pay 20% now, I'd do that because in 6 months to a year I can refinance an appropriate value (maybe a couple more bucks down) and then have a decent thing going. Give exeter finance a call and see if they can do anything. I got financed through them last year with ~ 500 scores. The interest is horrible at 18.99%, but at 36 months the payments were not too bad. I'm also planning on doing a refi (or maybe a trade-in) once my scores improve.Explain the situation with your scores, maybe they can get an auto enhanced score generated from your history.

What would you do? Thinking about refinancing car loan. Credit not yet optimized.

Currently my objective is to get my credit scores to the high 700's-800 by years end so i can apply for a mortgage and be on my way to the American dream and home ownership. I started my subscription to MyFico last month and here are my scores: Equifax: 748 June 30, 2015, now 757 July 11, 2015Trans Union: 701 June 30, 2015, now 723 July 10, 2015Experian: 737 June 30, 2015, no updates With that said my credit score is not yet optimized to what i am aiming for. And i do not mind paying a little more to accelerate my path to optimization. Example: keeping a <10% balance on my credit cards versus keeping a zero balance. My current auto loan was originally for $31,000 at 6% for 5 years and i've made a full year of installments. I keep reading about DCU and their super attractive 1.74% APR. I also currently have an account with Penfed (though they have denied me a year ago when requesting for a $50k auto loan). If you were me, would you risk a drop in credit score for better car loan terms now? Or would you wait (if all goes as planned) until after i apply for and get a mortgage? If i can get approved for 1.74%, that'll decrease my payment from $600 to $540 or it would allow me to pay off the loan 6 mos early.

slipper wrote:
Currently my objective is to get my credit scores to the high 700's-800 by years end so i can apply for a mortgage and be on my way to the American dream and home ownership. I started my subscription to MyFico last month and here are my scores: Equifax: 748 June 30, 2015, now 757 July 11, 2015Trans Union: 701 June 30, 2015, now 723 July 10, 2015Experian: 737 June 30, 2015, no updates With that said my credit score is not yet optimized to what i am aiming for. And i do not mind paying a little more to accelerate my path to optimization. Example: keeping a <10% balance on my credit cards versus keeping a zero balance. My current auto loan was originally for $31,000 at 6% for 5 years and i've made a full year of installments. I keep reading about DCU and their super attractive 1.74% APR. I also currently have an account with Penfed (though they have denied me a year ago when requesting for a $50k auto loan). If you were me, would you risk a drop in credit score for better car loan terms now? Or would you wait (if all goes as planned) until after i apply for and get a mortgage? If i can get approved for 1.74%, that'll decrease my payment from $600 to $540 or it would allow me to pay off the loan 6 mos early.I'd refi now. Too big of a difference not to.

Any advice about my car loan?

I asked this in the auo loan thread but no one is answering me there. We had a repo in 2013. We bought a car in Oct 14 and got a terrible deal. Our interest rate is 10.25%. We have a 72 month loan and our monthly payment is $386. Right now we owe $19,000 on the loan and Kelly Blue book says its worth about $15,000. I don't think our credit has improved much since we bought the car. Maybe a few points. We haven't started trying to address our score until very recently. What's the best way to handle this? With our budget, after bills and groceries - we could probably pay around $300 a month on top of our regular payment most months. Should we do that for a year and then try to refinance? Is there any other option I'm not thinking of? I know Dave Ramsey types would say dump it and get a beater but we don't have any cash lying around for a car so we're just going to get up with a terrible interest rate - and no down payment. So I don't feel like there's enough of a "pay-off" for the sacrifice.

It can get tough when you're dealing with negative equity. Different banks use different lending guidelines when it comes to determining how much they are willing to lend in the first place for any specific vehicle, and the amount they will lend you will also depend on your credit. So even if you applied to refinance right now, there's no guarantee that the bank/lender you applied with would be willing to lend the amount you need to refinance. Basically, some lenders don't want to risk giving you a $19K loan on a car that's only worth $15K or less. You know that, though. I work in auto finance, so I always recommend to people in your situation to pay as MUCH as you possibly can to close the gap on what you owe vs. what you think the car is worth. Call around to several different banks and give them the VIN and the mileage and ask how much they might lend on it in order for you to figure out which lenders are more generous for what they're willing to finance for vehicles. 10% is definitely not horrible for a 72 month loan. I have people calling me to try to refinance 17%-25% on a regular basis. Also, make sure your overpayments go to principle if possible. I wouldn't recommend applying to refinance until you know the amount you owe is where it needs to be so you avoid unnecessary credit pulls and hurt your credit further. Another option would be to trade it in and use the same guidelines to find a bank willing to allow the negative equity to be rolled into the new purchase. But that doesn't solve anything except HOPEFULLY getting a lower APR if you buy a newer car or if your credit has improved since purchasing the last one. You're better off to try to just pay down the one you have if it's still running fine. Why take on more debt if the car works?

How far back does a car loan show?

I got repo'd back in 1976, and bailed on a lemon in the middle '90's. Simply put, are auto loans ALWAYS there for lenders to see or find?

Jeff532003 wrote:
No. Negative information stays on your reports for 7 years plus 180 days. Positive trade lines will report for 10 years from the date the loan was closed/paid. You will be more than fine to apply and not worry about either of those past instances.Not exactly. It depends on what type of negative it is. For example late payments can report no longer than seven years from date of occurrence. Collections and charge offs can report no longer than 7.5 years from the DoFD (Date of First Delinquency) on the OC (Original Creditor) account that led to the collection or CO. Chapter 7 bankruptcies will report for 10 years. There is no one set time frame for negatives to stop reporting.

A computerized calling service has been calling my cel all day about acquiring a car loan. They use a different A/C and phone number for each call. Where do I report this harassment?

How do I block harassment from one nuisance computerized advertising company?

Dealing with harrassment can be frustrating, DickA! I can help you stop these calls. Just go to My Verizon, and use the "block calls & messages" feature to block this number for free for 90 days! http://bit.ly/xB4iTc
Thanks,
MichelleH_VZW
Follow us on Twitter @VZWSupport

Use HP from Cap One Credit Card to discuss Auto Loan

Hey folk. As the title says, has anyone tried using the pull they do for the card to then discuss an auto loan with cap1 auto finance? I thought it would be a good way to investigate where I am with them as we need to get a second car soon without another triple pull.

hanales wrote:
Hey folk. As the title says, has anyone tried using the pull they do for the card to then discuss an auto loan with cap1 auto finance? I thought it would be a good way to investigate where I am with them as we need to get a second car soon without another triple pull. Not with CAP 1 one. It will be a fresh pull for another car.

Closed Auto Loan Reporting As Open Question

I have an auto loan reporting across all bureaus as open but in good standing. I suppose that is well and good except for the fact that the loan was closed in Dec of last year. My question...would having the loan shown as open reduce my credit score or do you think it's helping? I've heard having a loan of that nature close can reduce your score so I'm not sure what to do about it. Any input is appreciated. Thanks!

Well, see whether you get any other feedback from other folks on here. But if I were you, I'd just end up having some low grade anxiety if I had a record on my report that claimed I owed a big chunk of money for something I didn't. The explanation, I assume, is that the creditor never updated the record to show that you paid off the loan. Unless someone here tells you differently, I'd reach out to the lender and confirm with them that they agree that you paid off the loan in December. If they do agree, explain that they haven't yet updated the final status of the account to show that you paid it off -- and ask them to do that. That way you'll end up with an accurate report that shows future creditors that you can manage and pay off a car loan. I have allowed incorrect data to stay on my report when it is absolutely 100% positive. This is a bit of a mixed bag: a record that falsely asserts you still owe a creditor a good chunk of change. Whetever benefit you get out of it being "open" doesn't seem worth it to me. But see what other people say.

Credit/Loan Approval Questions

Need some help on what to do to with my credit to get best interest rate. So my current scores showing in MyFico are 603, 612 and 615. Fico Auto 8 score is 629. This past weekend I was at a dealership and they pulled my credit giving me a 583? Why would there be a difference? Here's the situation.Have about 4,800 left on a car payment that has about 16 months left, interest rate was around 1.9% This is my oldest account- opened in 2011. I just read that you should keep your oldest account opened. I have about 4,700 in credit cards with the limits totalling 5,500 - I know this is high utilziation. I will have access to 5k in cash in about a month. I cannot decide what would be the best route. Should I pay off my car or pay off credit cards? Which would look better?I am leaning toward credit cards. I had a collection account that I just paid off this past month that was about $700 which is still showing as not paid - it should be updated soon - but I'm sure that will get me declined until that is updated as paid. Current payment is $310 My current income is about 2,600 per month. I don't have rent or mortage payment. I am wanting to finance for about 38-40k Would it be better to take that 5k and put as a down payment? Or maybe even pay enough to get credit cards under 30%? I also have a student loan that is in defferenment until 2018 - will this be taken into consideration to be approved? If so how do they factor this in? I have a co-signer with about 2,600 per month also if needed. What would give me the best credit profile to be approved with the best rate?To add - I want a Jeep Wrangler - does anyone know how hard or what kind of score you need to get good financing?

Southernchic wrote:
I typed the income part wrong it's about 70k combined (minimum as it can be more as my other half frequently works overtime but I've heard they only count your base income?) 1.9 would be nice but I'm not expecting to get 1.9% as circumstances were different when I got that, I think under 5 % would be do able. I was simply asking does it matter to the banks of you already have a car payment when you try to get one? And what would be the best solution. I've read you won't be approved with multiple auto loans but I've also read you shouldn't pay off or close your longest open account which is what my car loan would be. So I guess Paying off credit cards (12% rates) would be the best. I am hoping to get lower than 38-40k but I just put that out there as a max. What about the collection accounts that have been paid - will that be an automatic decline? I just checked and that account has been updated showing a zero balance but it says agreed to pay for less than full amount, this is incorrect as the original amount was wrong and I paid the correct amount we agreed to. Should I dispute this, how will that look to banks?My wife and I actually just bought her a brand new Jeep Wrangler last month so I'll give you our experience. Our combined incoming is currently around 74k. We did file for a chapter 7 bankruptcy last year so our situation may be a little different. We had trouble getting approved because neither one of us had experience with car loan above 20k. Our scores were in the 640s/650s. Under 10% credit card utilization. We ended up having to have her dad co-sign on the loan with her through Ally Financial for 37k, 1k down at 6.9%. And he has a mid-700 score 150k income. We're hoping to refinance with Navy Fed ASAP. Absolutely pay the credit cards down. To boost your score, one card should be reporting less than 10% balance, and the others zero. This will give you your best chance. And the reporting is correct if you did settle for anything less than the full amount owed.

HCM Master Data Loan repayments date change after payroll run

I am facing a challenge in a case in which the car loan has been posted in the month of Dec’13 and payroll have been executed till Feb’14.
Now, the employee has taken relevant approvals for getting the car loan moved from Dec’13 to Nov’13 loan payment and this will also result in change in the end date of the loan.
Is there any option/possibility in SAP that we can change the start and end date of an employee who has taken Loan keeping in mind that the payrolls have been executed.
Hope it clarifies my problem if this still need to be explain further, please let me know.

Hi Sonu16,
The Query is not very clear to me.
I think u want to change the date of joining after the payroll run along with position. If that is the case then u can do it.
Please followw the given steps :-
1) Go to PU03 for Payroll Status and delete all the dates, before doing it take a snapshot of the PU03. So that after changing it u can revert back to what it was.
2) Go to PA41, move to HIRING action and u'll get BEGDA in modifiable mode, then change it. Save it. But the noticeable thing is that ur present Position shud have a creation date well before ur new HIRING date otherwise u won't be allowed to change.
3) Thinking u have changed the date in Step #2, then go to SE16 and select PA0001, go to debugger mode and change the POSITION id. save it and come out and refresh it. Changes will be updated.
Hope this solves the purpose.
Regards,
ARNAV...

How can I get Siri to respond on a car bluetooth

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I have an iPhone 4s where the BlueTooth is paired to two cars. They act somewhat differently and I was wondering if anyone knows why or how to correct.
First car has an aftermarket Parrot v5.10c device. It has a main button, and red and green side buttons. After the phone pairs, if I press the main button, Siri immediately responds from the iPhone and I can talk to her.
Second car is a 2011 Toyota with factory “Car MultiMedia” BT. If I press the main or off hook buttons, I get the car’s BT lady and I have to physically press the button on the iPhone to get to talk to Siri. In this case, I don’t have access to the phone’s directory or other features unless I manually engage Siri.
Ideally I’d like the Toyota BT to work like the Parrot and also go straight to Siri without having to touch the phone. Any ideas?

I don't think Siri support for auto Bluetooth is official yet. It sort works in mine, a Fiat 500, but I have to use the home button on my iPhone to enable Siri, the voice command button on my steering wheel doesn't do it. I would say keep checking the Siri/iPhone page on apple.com for info on when auto kits will be supported.

Second Car Loan

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