How long can someone that recently got a car loan get another one?

Question

I recently tried to get a vehicle however I needed to have someone cosign me ofcourse. My father tried to cosigned me, but they told him he was unable to do so since he recently got two vehicle loans. In about how long will he be able to attain another vehicle loan?

Answer 1

i own a shop and they way they base it is on your income and the amount of bills you have to pay out each month,he should be able to get another one soon ,most of the time for someone to co-sign they don't look at this too much but here lately they have been cracking down on it,too many people have been doing the bank rupcy thing ,and its making it hard on everyone,even the good people who pay their bills on tI'me,im sure he,ll be able to do it in a little while,good luck hope this helps.

Answer 2

It's not a matter of how long, it's a matter of credit rating and mostly if a person can afford it.
Lets say you make a million dollars a year, have good credit, but have huge debts, you'll not get a loan. If you are in the same situation, but have no debts, you can get 5 loans one after the other or at the same time. It's called "Income to Debt Ratio."

Answer 3

It is not based so much on time as it is based on Debt to income ratio. He will most likely have to pay off/sell at least one of the cars to get into a new loan.

Answer 4

It all depends on the person's credit records, which depends on having a steady income and one's loans/payment/default history. Everyone's creditworthiness is different.

Answer 5

That will depend on his financial situation. I would think when he pays one of the loans off, then they should finance him. Every case is different, and FICO scores are different. good luck.

Answer 6

that just depends on his credit and yours

Answer 7

WHEN ONE IS PAID OFF.