100K auto loan approval odds

[Nesch18]

I am looking to buy a new Z06 or ZR1 Corvette next year and i would like to find out my approval odds. A ZR1 is probably like 140K and a Z06 110K

My credit scores are TU 770 / EQ 778

My DTI is 8.19%

Annual income: 110K

Some employer for 6 years

Rent $750

Credit cards have a zero balance.

Looking to put down 40K

1 previous lease $640/ month

1 previous loan $840/ month

Short credit history: 7 years

If approved what could the interest rate be?

[Appleman]

Welcome to myFICO. It looks like you will need a loan of around $70K plus.

If you were to get a $70,000 loan at 2,75% for 72 months your payment would be $1,056 monthly. This would add 11.5% to your DTI.

PenFed goes up to $100,000 and as low as 1.49% for 36 months ($2,842 a month payment!)

So, the positives

DTI is great even with the new loan (could even go higher)

Scores should net you top tier financing

Income is solid.

Consider talking to PenFed Credit Union as I have heard they have done other +$50K cars. They will be one HP on Equifax (historically, YMMV)

The negatives:

Will not get on the soap box about this purchase, your money your choice!

Please check insurance quotes, just to make sure. 

As to the interest rate I think you should be below 3% depending on the length of the loan.

[Anonymous]

---

@Appleman wrote:

Welcome to myFICO. It looks like you will need a loan of around $70K plus.

If you were to get a $70,000 loan at 2,75% for 72 months your payment would be $1,056 monthly. This would add 11.5% to your DTI.

PenFed goes up to $100,000 and as low as 1.49% for 36 months ($2,842 a month payment!)

So, the positives

DTI is great even with the new loan (could even go higher)

Scores should net you top tier financing

Income is solid.

Consider talking to PenFed Credit Union as I have heard they have done other +$50K cars. They will be one HP on Equifax (historically, YMMV)

The negatives:

Will not get on the soap box about this purchase, your money your choice!

Please check insurance quotes, just to make sure. 

As to the interest rate I think you should be below 3% depending on the length of the loan.

---

PenFed is 3,24% for 72 months and they approved me for $75K instantly though my income is higher than the OP’s and I I have established accounts with them.  Still shouldn’t be a problem 

[Nesch18]

So my car is ordered now and I have the numbers roughly. I have ordered a 2019 ZR1.

It’s gonna 141k MSRP + 10k for taxes + a 2k gas guzzler tax. Since the car will arrive earlier than I thought I will only have 40k to put down.

So we’re looking at a loan amount of 113k. How high are the odds that I will get approved with the numbers on my original post?

[Anonymous]

Ive always had great luck calling my credit union loan officer and running numbers by them "unofficially." He/she should be able to give you a nod to set your mind at ease. But based on the numbers you posted sounds like you shouldn't have a problem at all. Good luck and congrats!!

[cciabal]

what is penfed's auto loan process? do you need to come in to turn in any docs or we can do everything online?