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740 FICO score, car loan?

New Member

740 FICO score, car loan?

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!

Message 1 of 7
6 REPLIES
Moderator Emeritus

Re: 740 FICO score, 41k salary, maximum car loan?

I'm no expert on car loans, but I'll take a stab. Do you have a housing payment?

Message 2 of 7
Highlighted
New Member

Re: 740 FICO score, 41k salary, maximum car loan?

No housing payment. What I listed above is all I'm currently responsible for.

Message 3 of 7
Valued Member

Re: 740 FICO score, 41k salary, maximum car loan?


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.

Message 4 of 7
New Member

Re: 740 FICO score, 41k salary, maximum car loan?

I sell cars and it sounds like you'd be fine, do you have any preious auto loans? and what is your high credit?

Message 5 of 7
Moderator Emeritus

Re: 740 FICO score, 41k salary, maximum car loan?

Looks good to me!  30K sounds reasonable and doable.  Good luck!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 6 of 7
New Member

Re: 740 FICO score, 41k salary, maximum car loan?

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.

Message 7 of 7