Ryan asked in Business & FinanceCredit · 1 decade ago

can you have two loans with a credit union, a personal, and a auto loan?

i am applying for a auto loan with the credit union i have my personal loan through. I still have a balance on the personal loan and pay on it monthly (in good standing). can i still get an auto loan through them? Southland Federal Credit Union.

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  • 1 decade ago
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    Yes as long as your debt to income ratio is below the requirements that the credit union sets.

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  • 3 years ago

    1

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  • 3 years ago

    2

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  • Anonymous
    1 decade ago

    Hey Ryan,

    Absolutely as a matter of fact I applied for a personal loan one day and Auto loan two days later and were approved on both with Navy Federal Credit Union. I also have a credit card with them and my chose them as my lender on my student loan accounts as well. I was told that it does not matter how many loans you have with them just as long as your credit and income can back the requirements of the credit unions lending criteria which is there debt to income ratio allowance. FYI also note when completing the application for the auto loan just how well you have paid the personal loan use it as a reference so to speak.

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  • 1 decade ago

    There are no rules about how many or what kind of loans you can have. The lender will review your credit, paying particular attention to your payment history with them, and will look at your income to debt ratio. If you can afford the loan, you'll be approved.

    Source(s): BD
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  • Anonymous
    3 years ago

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  • 1 decade ago

    Sure, as long as you have the income and credit to pay it back.

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