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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?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.”View full answer
- Gregory R.
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