What does "too many open trades" on a car loan mean?

"I've been shopping around for the best car rate on an auto loan. When I applied for one, it told me I have ""too many open trades.""

What does this mean?"

“It simply means that you already have too many loans as it is.
This could include several revolving credit accounts (like credit cards) or too many car loans at present.
You’ll have to pay some of this debt off or close a few accounts before you’ll be considered for an auto loan.
When you are shopping for car loans again, don’t forget to shop around for car insurance to get the best rate on your new vehicle.”
Eric Schad
Answered on May 21, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

Did this answer help you?

Ask us a question by email and we will respond within a few days.

Have a different question?

You can meet us at our office and discuss the details of your question.