Apply for loan first online or talk to dealership first?

[Remember0]

42k is kind of high for a CU like DCU in my opinion. What's your gross monthly income look like? If DCU doesn't work out, definitely try BofA...they're more open to large dollar loans esp. with prime/unblemished credit.

[Stiga9]

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@Remember0 wrote:

42k is kind of high for a CU like DCU in my opinion. What's your gross monthly income look like? If DCU doesn't work out, definitely try BofA...they're more open to large dollar loans esp. with prime/unblemished credit.

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Oh I see. Hmmh. My monthly gross income is $11,266.  If I include my fiance (which I dont know if they consider that) then it will be about $20K a month.

I do see on DCU's website that the max on the pull down list is $50K. So I'm assuming they are willing to shell out $50K at max?

I know BofA is willing to shell out more loans but their interest rate is higher than other's I see on Bankrate.com 

[Bluedog23]

My monthly income is about half yours and I was preapproved for 35000 just after filling out the membership app. Screen said membership approved and gave an offer for auto loan and a cc which I did not apply for. Course I didn't use the entire 35000, but when I spoke to the loan officer she simply said tell me how much of that you'd like to use. Now, the loan app was seperate from the membership app. Did loan over phone and it was approved pretty much instantly. They did ask how much my monthly housing expense was.  Had to email two pay stubs and that was it. The whole thing took about less than 10 minutes.  Remember 0 does know a lot about this stuff, more than I, but with that income, I can't see they wouldn't go that high for you if you don't have high DTI. Just my experience--FWIW. 

[Stiga9]

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@Bluedog23 wrote:

My monthly income is about half yours and I was preapproved for 35000 just after filling out the membership app. Screen said membership approved and gave an offer for auto loan and a cc which I did not apply for. Course I didn't use the entire 35000, but when I spoke to the loan officer she simply said tell me how much of that you'd like to use. Now, the loan app was seperate from the membership app. Did loan over phone and it was approved pretty much instantly. They did ask how much my monthly housing expense was.  Had to email two pay stubs and that was it. The whole thing took about less than 10 minutes.  Remember 0 does know a lot about this stuff, more than I, but with that income, I can't see they wouldn't go that high for you if you don't have high DTI. Just my experience--FWIW. 

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My student loan is quite high, about $150K. No mortgage or other loans. I guess I can only apply and see. Thanks!

[Remember0]

Well their limit on the website may be higher than your desired amount, but CUs tend to be more conservative with DTI plus first time auto loans scare them a little. Like you said though, doesn't hurt much to apply and see what they say.

Are you and your fiance applying jointly for the loan? And what's the minimum monthly payments on those student loans? Out of curiosity let me guess, law school (I might go several years down the road haha)?

[Stiga9]

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@Remember0 wrote:

Well their limit on the website may be higher than your desired amount, but CUs tend to be more conservative with DTI plus first time auto loans scare them a little. Like you said though, doesn't hurt much to apply and see what they say.

Are you and your fiance applying jointly for the loan? And what's the minimum monthly payments on those student loans? Out of curiosity let me guess, law school (I might go several years down the road haha)?

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My fiance and I aren't applying jointly. Maybe it could help? I'm paying $1300/mo for the loans.

lol, wish I was a lawyer but I couldn't stand to write papers. Pharmacy school was my choice, just math and chemistry.

[Stiga9]

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@Remember0 wrote:

Yeah, DCU pulls EQ so they're looking for EQ FICO to be above 685 for best rates. Honestly, if you don't have any extra baddies on EQ, I think you'll be fine.

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Another question to clarify; this EQ FICO score that DCU pulls is the same one I get on here from ScoreWatch, right? They don't check Auto-enhanced credit scores?

[EddieK]

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@Stiga9 wrote:

Another question to clarify; this EQ FICO score that DCU pulls is the same one I get on here from ScoreWatch, right? They don't check Auto-enhanced credit scores?

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The score that DCU pulls will be EQ04 which used to be the score you got from here, but myFico is now EQ08 so it will not be the same.

[drnesting]

Your FICO is just OK... especially with the student loan debt.

They are going to look at where you live and your rent and student loans and really be looking more ath how a 750 dollar Car payment will dent your budget + Comprehensive insurance on 'their car' that you will be driving.

Unlike housing where the market can allow for you to be over your head, so long as teh loan isn't under water.

Nobody wants to have to deal with repo of a car.

So Ability to comfortably pay... will be the biggest factor for approval.

If you and your Fiance are going to be looking for a house soon.... an HUGE car loan will be a problem

[helaurin]

I'd shop around before going to the dealership.  Also try Capital One Auto Loans, they offered a better rate than my credit union when I shopped around.  As another suggested, be careful about loading up on debt obligations if you and your fiance might someday want to obtain a mortgage for a house.