Hello NAMers...

I have an another question....

Since we brought 2008 MINI S more than one year and 7 months ago with PENFED finance (left under $15,000 now), we never missed with them. is it possible us to ask for an another loan for another MINI S from same finance company? or can I get an another loan from MINI finance without paid off my current MINI?

I know I will get an answer if I call them, but I would like to know something before I contact them.

Thanks in advance.

 

wow, wouldn't your bank be the place to ask this question...

 

I think you could go with PenFed again, it will be up to them to approve you or not, usually based on Debt/Income Ratio. I will say that if you are even getting close to your Debt/Income Ratio then I'd wait 'til you have more of your current loan paid off.

Hubby and I paid off ALL of our Credit Card Debt this year and only have the house payment and the Molly Car Payment...it feels GREAT!! I do have a MINI Financial Credit Card but I pay that off every month.

All I'm trying to say is in the economy (you've heard it before) don't get over your head just because you want another MINI, it's best to limit your outflow and save for when you can really enjoy it without any other bills hanging over your head like another car payment.

Sorry for the long post.

 

Getting a loan for a second car concurrent with an existing car loan all depends on your credit worthiness.

 

If your credit is good, I don't see why not.