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.”
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.
Read advice from car experts at Jerry
Browse by topics
What others are asking
Can I lower my insurance rate after my wife got several accidents and speeding tickets?
In the past two years, my wife has been in three accidents and had four speeding tickets. As it stands right now, our insurer charges us $375 a month. Is there any way I can lower this rate while keeping my wife on the policy?
Apr 22, 2021
Will AAA pay for a lost replacement key for a 2000 Mercedes?
Does AAA help with replacing keys? I'm a AAA member and I've used their service before when I locked myself out. Now, I need a replacement key.
Jul 23, 2021
I was refunded for my gap insurance twice. Can I cash both checks?
When I refinanced my car, I removed the gap coverage since I didn't think it was needed anymore. I then got a refund from the dealer and the bank, both for the same amount. Can I keep both checks?
Apr 29, 2021