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Question for Marv - Buying after total loss

The last post in this topic was posted 1593 days ago. 

 

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My car was totaled 3 weeks ago - insurance has been a nightmare - I know I will get enough to pay off my existing loan. Question is when I go in will I even be able to get financing with the current loan still showing on my reports?

 

Thanks!

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Yes. Take it from someone who has totaled two cars that still had outstanding loan balances. I even got better rates each time due to the improvement in my credit scores from paying the auto loan payments.

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That's not what they asked. They asked if they could get another loan with the old one still reporting. The answer to that is yes, it's possible to get another loan with the old one still reporting. Whether you qualify from a financial standpoint is another matter.

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Depending on the credit situation, a lender may stip for proof of total loss/and proof the attached open loan will be PIF

+1, had this happen once years ago when I didn't have the best income.

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Thanks! I feel like this is going to be a crapshoot - but my dad who has high 700 FICOs and no debt said he will cosign for me if needed, then I can refi through my CU after the old loan is paid off. The only upside here is that I will be getting my same car but with 20k less miles :-)

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