amac86

Thanks for the info. I could do it, but it would be a little bit of a stretch. However, I doubt it would be too hard to sell my old car (2012 Ford Mustang) since it is still relatively new. Also, usually when you finance a car, the first payment does not occur for 45 days or so, so I think that would be plenty of time for me to sell my old car.

Thanks. I am actually trying to buy a used car. But I guess my bigger question was whether or not someone in my situation (I'm 25) would have trouble getting approved for a $35k car loan, given my existing $18k car loan. Would it damage my credit?

Yes, I do. Northwest Federal Credit Union.

I am wanting to replace my current financed car, and I was wondering if what I want to do is possible. In order to avoid getting ripped off by a dealership, I was hoping to sell the car privately. I will owe about $18k on it. I am looking to finance approximately $35k or so of the replacement used vehicle (with a $3-4k downpayment). I'm a little confused about what the logistics of this would be. I think what I would like to do is buy the new vehicle first, then worry about selling my current vehicle. I don't anticipate having negative equity on the old vehicle. If I buy the new vehicle first, I will need to apply for a second car loan of about $35k, while already having an existing car loan of $18k or so. Will this be a problem, and will it result in me getting a higher interest rate on the loan or flat out rejected? My credit score (Equifax, is that FICA?) is almost 800 but I have only had credit history for approximately 7 years. My monthly income is about $6000 pre-tax. I don't have any other debts (no credit card balances, student loans, etc.) and my monthly rent is about $800. Any advice on this matter? Cars are my passion and the cost of them serves a dual purpose of transportation and hobby/entertainment.