Im currently financing my S2k (owing 16k) and im planning on financing another 6k to buy another car. Keeping in mind i have another $3k cash on hand, is it possible for lending companies to deny my request because of my current loan with honda? Im making around $3000 a month, i got my loan approved but theyre saying i would need to cancel my loan with honda, in other words, i can only have one loan regardless of amount? Anyone know where else i can look, i got a great deal on a car and i dont want to pass it up. Thanks guys!

 

Generally loans are granted/denied on ability to pay and not on the existence of any other debt. There are numerous places to get a loan. Car dealerships are generally your worst place to get one. Try a credit union or bank.

 

I have loans on an S2000(my car) and a 2002 Maxima(woman's car) right now. I did not have any trouble at all getting two car loans.

 

YES, credit pending, you can have 2 or 3 loans under one person

 

Strike, in some cases you are right, but there is not a bank out there that will do 0% like the american dealers and you can not beat 2.9% from Honda these days

 

You may be right under these circumstances. I'd still be very careful financing through the dealer because they are known to try to make up profit here or there so they might try to jack up the price of the vehicle to make up for lost profits on financing. IMO it's best to arrange financing before walking in; then you only have to negotiate on the price of the car. That said, I bought the S2K on a whim, late at night, so I got a loan from the dealer. A week later I refinanced through my credit union.

 

Your approval would be based on a variety of factors including your overall credit rating, your debt-to-income ratio, your equity position on each vehicle, and your history of auto payments.

 

the car is held by a private seller, so i have to go through banks or credit unions. Anyone know of a good place to try? i got my first bunch from lending tree, but the ones i got selected for required me to drop my loan with honda. Feedback is appreciated. Thanks

 

You can do it easily. However do you really want to? Debt really sucks. Generally speaking I wouldn't buy anything unless I had atleast 2/3 of the cash onhand.

 

im only buying it because im getting a really good deal......im talkin about making almost double if i do plan to sell it.....i could use some extra cash...thats paying it off and still have more cash on hand