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Two Loan Approvals? Bad??
I recently was ready to purchase a used car, got the loan approval, all was good. Heard back from the dealer a few days later, the deal fell through because trans was bad. Now, I found a different car that I like. Problem is, it's a 2005 and my bank (where I have the current approval) will only finance up to $5000 with a higher interest rate on 2005s or older.
I can see about getting approved through the dealer for this car. BUT - what are the implications for having a second loan approval out there? My understanding is it's not great for your credit but I don't really know what that means...
Additionally, if I go ahead a get a second loan approval for this other car, does that affect my initial approval? I'm concerned about the interest rate thru the dealer... my current loan is 2.99% through a credit union that I'm already a member of. If I have to walk away from this car due to too high an interest rate, will it impact the existing loan?
If it means anything... the current loan is good for $13500, the second loan would be no more than $11000.
My current loan approval is good until May. I can wait it out. But, the car we want is hard to come by, don't come on the market often. And when they do, they get scooped up pretty quickly.
Thanks in advance for your help!
Re: Two Loan Approvals? Bad??
I would assume that a second loan on a car would be just like a second loan on a house- if you get repo'd the first loan will get paid first, the second loan may or may not get paid depending upon what they sell the car for, and you may be on the hook
Sorry, I completely misunderstood the question! I thought you were going to have to get 2 loans to get the car! and I was thinking that is CRAZY!
@MrNibbles