Question on Financing

[Mustang_Scotty]

Ok, so my GT350 is coming in next week. I also like to purchase another SRT GC asap because I found a nice one. Now, I was holding off on getting anything until my 350 was in my garage but this SRT came along. Now, I can wait until next week when I pick up the 350 and then go get the SRT but with my luck the SRT will be gone. I didn't want to get another loan right now with purchasing the SRT so I can get the best rate for the 350 loan. So, my fear would be getting the SRT then going to pickup the 350 and somehow getting denied for another loan within a week. So, what I heard was if you apply for a loan with the 350 now and "lock" in the loan it would be good for 30 days, then I could go get the SRT now on a new loan and still hold the 350 loan to my advantage. But I am cautious that It could possibly cause a problem for my 350. My credit is very good but should I just wait?

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[davidnz]

It take 30 days for loans to show up on your credit file ... The hits (inqiury) will show and if they ask you all you say is that you where where looking at another car ...your income will be the factor in how many loan you can get....if ur score is over 750 I think u good to go ....

 

[Mustang_Scotty]

Thank you. My score is over 750. I'm going to try

 

[icormba]

I like your choices!!!
SRT GC + GT350

:cheers:

 

[Bossing]

Thank you. My score is over 750. I'm going to try

Yeah you should be fine as long as your verifiable income is strong. I have repeatedly bought 2-3 cars within 30-60 days of one another... as many others have done likewise as well. Excellent credit, high income, favorable debt:income ratio... good to go.

 

[swedensky]

Don't have both loans shopped to the same bank/CU

 

[Five Oh Brian]

Don't have both loans shopped to the same bank/CU

Correct.

 

[Five Oh Brian]

It take 30 days for loans to show up on your credit file ... The hits (inqiury) will show and if they ask you all you say is that you where where looking at another car ...your income will be the factor in how many loan you can get....if ur score is over 750 I think u good to go ....

Correct, as well.

 

[Mustang_Scotty]

Ok, so if I "lock" in a rate on the Mustang, then purchase the SRT, the rate on the Mustang will not change, correct? they have to honor that? They won't re-run the app?

 

[Bossing]

Ok, so if I "lock" in a rate on the Mustang, then purchase the SRT, the rate on the Mustang will not change, correct? they have to honor that? They won't re-run the app?

You're good. Lock it. Even if it's the same bank with 2 loans you'll be fine. I've done it twice securing low rates on two cars within 30-45 days in the past few years. What will also help carry weight is your debt to income ratio.

 

[Mustang_Scotty]

I just want to secure the lower rate on the Shelby

 

[davidnz]

Ok, so if I "lock" in a rate on the Mustang, then purchase the SRT, the rate on the Mustang will not change, correct? they have to honor that? They won't re-run the app?

In my past experience the rates and loan approvals where good for 30 to 45 days ... Each lending outlet has its own rules ...just ask ....I always ask in case I change my mind also you don't want them to run your credit and the do it again in 20 days as it lowers ur score with more inquire it hits ...also u may get a supe low deal on both units If you use the same bank ... They are in bussines of loaning money ...That is as long as ur score and income falls inline .. Try State Farm bank .. They always have real sure low rates... I have 3 cars with them now @ 1.9%

 

[krt22]

Yeah if your debt to income ratio is sufficient to for both loans, I would just shop both together

If you think it might be questionable, well then that is where shopping 2 different banks might be needed. The 2nd bank will see the credit inquiry, but wont see the loan itself for awhile after it funds.

 

[Bossing]

Exactly... you can finance 2, 3, 4, etc... cars with same bank or multiple banks and with low rates as long as that golden debt-to-(verifiable)income is very strong. ;)

 

[Mustang_Scotty]

Yeah if your debt to income ratio is sufficient to for both loans, I would just shop both together

If you think it might be questionable, well then that is where shopping 2 different banks might be needed. The 2nd bank will see the credit inquiry, but wont see the loan itself for awhile after it funds.

So if I "lock" in the Mustang loan, then go finance another car and drive out of the dealer with it, and then a couple days later the Mustang comes in, the original "locked" in loan for the Mustang should not be affected? right?
I just don't want to lose this used SUV I saw which is at the timely fashion of the GT350 coming this week also.

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