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Posted in Auto Loans
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Sarahandmike

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Second auto loan?
I currently am shopping around for a second vehicle for the winter...nothing real expensive, probably around $5,000. I have $2,000 to put down and I have one auto loan already that I have been paying on for about a year and a half. My credit score is anywhere from 680 - 710 depending on what report is pulled. Debt to income ratio is about 26%. I only want to finance the second vehicle for 2 years.

Is it going to be difficult to be financed given these circumstances?

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Top Contributor
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You are only asking for 3k with 2k down, so from Financial prospective shouldn't be big deal, however since it's a car about 5k? Then its age/mileage would come into play, lenders do have requirements about age/mileage for the used car loans. Of course that would depends where you going to obtain the loan from as well, shouldn't have much issues thru those used car lots as they do that type of financing all day long, the draw back is the interest rate might be higher than the traditional banks/credit unions.

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