$27K auto loan approval odds?

[mgm4g5]

Just curious if I'll have any trouble getting approved and the best rates if I apply alone instead of with my wife.

I'd like to get a 60 month used auto loan on a 34K vehicle. I can put 6-7K down.

Me:
Income $79K base (likely growing to $95K by the time I apply)
Credit: 780
Debts:
Mortgage $1000/mo (owe 114K)
Student loans: $750/mo (owe 100K)
Credit cards: $200/mo (owe $8.5K)

If I applied in a couple of weeks, would I be approved? Would I get the best rates?

Thanks!

[mgm4g5]

One thing to add... I've never had an auto loan under my name, but I've had a few leases with BMW Financial.

[Creditplz]

You should have 0 problems obtaining a loan for 27k with your scores, try Capital One auto pre-qualify.

I have a lease through BMWFS, had no problem obtaining a 62k auto loan (although my DTI was much lower).

[mgm4g5]

Thank you for the reply!

I tried the Capital One Auto Navigator, hopefully this only counts as a soft pull.

It says I am currently "pre-qualified" to finance 40K. The rates for 60mo used are showing up as 3.24-5.64% APR. This seems a bit high, I'm wonder if I could find something in the 2's shopping around or letting a dealer blast my info to multiple banks.

[CreditCuriosity]

You won't have a problem.. Your DTI is getting up their based on your current salary and the car you want assuming 60 months would put you at 36% DTI. Tyipcally lenders want to see < 40% DTI..  Your best bet is someone like DCU or PenFed and you can certainly beat the Cap1 rate although this is your first car loan so can plan a role in it although I still think you should get good financing and probably better than cap1 can offer

[dabrian]

No problem at all.

[mgm4g5]

Thanks all. I checked my FICO 8 auto score and it appears to be 795.

Do you think I'd be able to qualify for LightStream's lowest/best rate? Looks to be 2.49% used car for 60mo term.

[Anonymous]

You won't have a problem qualifying.  You probably don't need to put a down payment to get it done either.  It may be better financially to use that cash to pay down your credit card debt over a downpayment but that is a personal call based on what your preferences are.  I am a strong proponent of credit unions for car loans, the consistantly deliver the best rates and excellent customer service.  I would join Penfed and apply and be done with it. One HP for membership and the car loan and perhaps a CC if you are inclinded to do so.  They take great care of their customers.  Penfed makes it easy for anyone to join and it takes just a few minutes. 

[nykos5000]

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@Anonymous wrote:

You won't have a problem qualifying.  You probably don't need to put a down payment to get it done either.  It may be better financially to use that cash to pay down your credit card debt over a downpayment but that is a personal call based on what your preferences are.  I am a strong proponent of credit unions for car loans, the consistantly deliver the best rates and excellent customer service.  I would join Penfed and apply and be done with it. One HP for membership and the car loan and perhaps a CC if you are inclinded to do so.  They take great care of their customers.  Penfed makes it easy for anyone to join and it takes just a few minutes. 

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I agree..credit unions are the best source for the best rates...your scores are great and you have positive previous auto loans so no problem there... FYI leases are considered auto loans as far as your credit report goes. 

[impactplayer]

Go get a car already, you have a great file and will not have any issues!!