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Posted in Auto Loans
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Question By
Da1225

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Can I get 2 auto loans with 625 auto credit score
I am looking at replacing my current van and get a second car for my wife. I have 625 auto credit score, a loan I have had for almost 5 years on current vehicle and never been late for it. Replacement vehicle loan would be $40,000 and the other would be $30,000 can I do both at same time or should I do 1 and then wait a few months for the other, the second might also be a lease if that is better option. Another question does the lower score affect the amount I can get a loan for, I can afford up to 60,000 but would I be approved with lower score?

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While the 625 is not a high number to secure a loan.  The ability to get the auto loan will rest with the dealership and who they can get financing from.  Your interest rate could be a factor for you.    Now for a story!  I know a guy (It was not me - honest)  He went to a dealership to finance an auto loan.  He was approved and left with the car.  That same day, he went to a second dealership and applied to finance an auto loan.  As seeing hits for auto shopping on the same day is common, the hard inquires were not an issue.   He was approved at the second dealership for another vechicle.  As the first was not technically on his credit as a new account, the second dealership wasn't aware of the first purchase.   He ended up getting two new cars the same day.   I think that was called working the system.  I'm not advocating, I'm just relaying the story.

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