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I've got an EQ score of 740 and make 41k a year, I'd like to know what a CU or dealership might approve me for as far as a loan. I don't have anything to pay off currently other than around 3k in revolving credit (30k total, about 10% usage), car insurance, and a phone bill. I'd like to know what amount I might be approved for.
I've read many discussions that state you shouldn't pay more than 20% a month for a car payment, meaning at 60 months, the loan would be the same amount as one's salary. 20% sounds a little high but I'd like to know if a loan for that (41k) is actually possible with a great rate. I'm looking to get a loan for around 30k.
Any insight is greatly appreciated. Thanks!
I'm no expert on car loans, but I'll take a stab. Do you have a housing payment?
No housing payment. What I listed above is all I'm currently responsible for.
@iconvincemei wrote:I've got an EQ score of 740 and make 41k a year, I'd like to know what a CU or dealership might approve me for as far as a loan. I don't have anything to pay off currently other than around 3k in revolving credit (30k total, about 10% usage), car insurance, and a phone bill. I'd like to know what amount I might be approved for.
I've read many discussions that state you shouldn't pay more than 20% a month for a car payment, meaning at 60 months, the loan would be the same amount as one's salary. 20% sounds a little high but I'd like to know if a loan for that (41k) is actually possible with a great rate. I'm looking to get a loan for around 30k.
Any insight is greatly appreciated. Thanks!
You want to get preapproved by your CU. Depending on which Bureau your CU pulls your score may vary significantly or not. I know with my CU you would probably get 1.99% with your score and I can see you getting a preapproval somewhere at or below $36,000.00 for upto 72 mos.
I sell cars and it sounds like you'd be fine, do you have any preious auto loans? and what is your high credit?
Looks good to me! 30K sounds reasonable and doable. Good luck!
No previous auto loans, as far as high credit, I'm not sure what you mean.
Highest Card Limit:
$8,000
Highest I've gotten my usage to (estimate):
$20-25k
Current Usage:
Around 20% (6K), but it'll be down to 10% (3K) in the next month. I'm thinking of paying the 10% slowly just to have some activity.