Any chance I get approved for a $27,000 auto loan?

[GalaxyStars]

Never had a car loan, have had cars before but they were hand me downs.

Looking at a Mazda 6 Grand Touring, I was approved for Capital One Pre Approval

for $19,000 with a APR of 3.6.

Credit Profile

Age - 27

Experian - 720

Equifax - 715

Transunion - 735

Income is - $33K

Down Payment - $4,000

Rent is about $450 per month, I have a roomate, and I have no kids

15 Credit Cards - $27,000 in credit lines - 4% Debt utilization

No College Loans

No missed payments, collections, negatives

What are my chances directly through a Mazda dealer? Any chance that I can get approved to give me the an additional $7-8k that Cap One wouldn't approve me for?

[Anonymous]

That loan is pretty much your annual salary and you've never had an auto loan before. I think it would be more difficult than not to get a loan for that amount. I'm not a loan officer though so I can't say no for certain.

[GalaxyStars]

Thanks for the reply.

I was hoping to negogiate the price down a little, and factoring in Taxes and titles, and then $4,000 down payment it would bring the car down to about $23-24K.+

Just a little bit higher than the $19k that Cap One approved me for. I sure hope that I can possibly get someone else who can approve me for 25k or such.

[Anonymous]

Have you tried building a relationship with a credit union? When I first signed up with DCU I was approved for 34K and they wouldn't budge on any higher despite my pleas. About three months later I started direct depositing into a savings account with them. It wasn't much - just money from my PT job. A couple months later they reached out to me for a pre-approved car loan for 40K and a credit card for 10K (they'd only offered me 5K back when I opened my account.) All of these offers were available with no hard pull. Except a couple of CLIs nothing had changed in my credit profile. As a matter of fact, one of my car loans had fallen off of my report. I was able to establish a relationship in less than five months and get approved for a higher loan amount.

[GalaxyStars]

I will look into a Credit Union.

The time frame might be a issue, and I agree its probably gonna take a min of 5-6 months to build that relationship.

[GalaxyStars]

Also right now I'm with U.S Bank and it anything they are more conservative than Cap One Auto Loans.

[Anonymous]

My relationship likely took longer because of my delay in adding direct deposit which they like. I think I could have shaved a couple of months off my pre-approval had I set up my account right away. I was just being lazy since I'd changed my mind about getting a car last year.

Take a look at what others have had to say about approvals with DCU. With your scores you might be able to do better than 3.6% Folks also praise PenFed and Navy Federal.

[Anonymous]

It's the income..... Ur at about 2800 before tax. After tax ur take home is about 2400? Loaning u 19000 is already about 325/month payment plus rent and credit card payment. They worried about DTI 

[Dj4Money]

 Interesting, I only got $15,630 out of Capital One. That's enough for a Versa or something but I already have a new-ish now 2015 Hyundai Accent. For me it's equally need and a want.

 This new purchase is directly related to my next venture in the automotive performance aftermarket, the Hyundai won't cut it.

  Anyway - 

 I was approved for $20,000 at 9% by my CU (Logix). You might want to try https://www.hughesfcu.org/borrowing/vehicle-loans/first-time-buyer/  

  Your scores are high enough and your proposed down payment is near enough to 15% for $27,000 

  According to Trucar at least in my area people are paying under MSRP for that car. With pre-approval you are a cash buyer. All auto loan HP's are counted as one in a 15-30 day period, so another pull or two or three won't hurt your score, just one point.

 Captives like Mazda Finance are more lenient, especially if you finance with them; since you gave no baddies getting more money from them as long as it fits within your DTI calculations shouldn't be a problem.

 Have you considered leasing?

 You can keep the majority of that $4,000 in your pocket and get a lower rate than if you purchased, meaning a much lower payment than if you financed.

[6speed8]

Sometimes the "set" rules don't always apply. My income is solely from permanent disability of about $25K. My scores were just below 700. Discharged Ch 7 June 2015 so my only debt was about $4000 on credit cards. Capital One pre-approved me for only $17,000 with the rate varying from 3.9 ro 11.9% depending on the car's age, mileage,etc. When I let the dealer run my credit, they got me approved with Hyundai Financial for 4.9% and $21,000 ultimately financed. I put down $6000 and the $4500 in factory and Hyundai Financial incentives went towards it as well so a $10,500 down payment. $21,000 is certainly a large chunk of my income lol. So despite the "rules", you never know until you try.