Reply
Member
English
Posts: 9
Registered: ‎04-08-2012
0

Re: Auto loan advice from an Underwriter

Thanks in advance for the help. 

 

So I'm looking for a second auto loan as my current one is for my wifes car and want to know if I'll be able to get approved. 

My current loan for 40k 4.74apr payment of $640

my revolving is at 20% Utl with payments of $92

mortgage $3200

anual income of 120k

My scores are sitting in the mid to high 600s

no lates the last three years. 

 

Let me know if you need any other information. 

If you could let me know what I'm looking at as far as realistic expectations for loan amount, term etc

Established Member
Janders000
Posts: 21
Registered: ‎10-23-2012
0

Re: Auto loan advice from an Underwriter

Thanks for volunteering your knowledge and expertise!  Here is my situation:

- short sale completed 2+ years ago, but still a deficiency reported for mortgage as 180+ days late.  

- also 2 credit cards that were settled for less than balance owed, both from 2+ years ago as well.  

- current estimated scores (by USAA Fako) are 696 EX, 657 EQ, 742 TU.  

- annual income approx 90K, looking for a 50K loan (includes 5K down).  

- never late on any auto loans (10+ years history) and current revolving usage is under 5% of total limits.  

 

Trying to clean up from a job loss 2 years ago, resulting in short sale and credit card losses.  Any chance for approval here - since the mortgage delinquency is still being reported?  If I am approved, will I be paying 20%??  Thanks in advance!

Starting Score: 593 after SS in 2010 || CurrentScore: myFICO (10/29/13) - EX: 723 | EQ: 707 | TU: ??? || Goal Score: 760+

Amex PRG (NPSL) | Discover - AU ($16.9K) | BofA Platinum Plus ($7.8K) | Chase Freedom Visa Sig - AU ($7.5k) |
FNBO Amex ($6K) | Chase Sapphire Preferred ($5K) | USAA Platinum MC ($4K) | GECRB Amazon ($3.4K) |
DSNB Macys ($2.5K) | CapOne Cash Rewards MC - AU ($2K) | Amex Delta Gold ($1K)
Frequent Contributor
Hammer23
Posts: 428
Registered: ‎01-21-2012
0

Re: Auto loan advice from an Underwriter


Janders000 wrote:

Thanks for volunteering your knowledge and expertise!  Here is my situation:

- short sale completed 2+ years ago, but still a deficiency reported for mortgage as 180+ days late.  

- also 2 credit cards that were settled for less than balance owed, both from 2+ years ago as well.  

- current estimated scores (by USAA Fako) are 696 EX, 657 EQ, 742 TU.  

- annual income approx 90K, looking for a 50K loan (includes 5K down).  

- never late on any auto loans (10+ years history) and current revolving usage is under 5% of total limits.  

 

Trying to clean up from a job loss 2 years ago, resulting in short sale and credit card losses.  Any chance for approval here - since the mortgage delinquency is still being reported?  If I am approved, will I be paying 20%??  Thanks in advance!


 

I would think you stand a good chance for approval based on your auto history. You will want to be sensible in what type of unit you look at and I would expect rates in the 8-14% range depending on structure. $ 50K will be a tough sell, you may want to set yout sights on a lower amount to increase your chances at an approval.

WF Home Projects Visa $8500 / Towpath CU Visa $7000 / Chase Freedom Visa $5500 / Cap 1 QS Visa Sig $5000 / Barclaycard Ring MC $5000 / GE Lowes $5000 / Citi Best Buy MC $4250 / Barclaycard Rewards Visa $4000 / BFG CU Visa $3500 / Citi Sears$3000 / WF Visa $2000 / GE Walmart $1900 / GE Care Credit $1900 / GE Amazon $1400 / Cap 1 Kohls $1000 / GE Old Navy $800 / Webbank Fingerhut $700
Frequent Contributor
Hammer23
Posts: 428
Registered: ‎01-21-2012
0

Re: Auto loan advice from an Underwriter


English wrote:

Thanks in advance for the help. 

 

So I'm looking for a second auto loan as my current one is for my wifes car and want to know if I'll be able to get approved. 

My current loan for 40k 4.74apr payment of $640

my revolving is at 20% Utl with payments of $92

mortgage $3200

anual income of 120k

My scores are sitting in the mid to high 600s

no lates the last three years. 

 

Let me know if you need any other information. 

If you could let me know what I'm looking at as far as realistic expectations for loan amount, term etc


I do not see an issue with an approval as long as your debt ratio is inline, looking at what you listed, you may need your spouse to sign with you.

WF Home Projects Visa $8500 / Towpath CU Visa $7000 / Chase Freedom Visa $5500 / Cap 1 QS Visa Sig $5000 / Barclaycard Ring MC $5000 / GE Lowes $5000 / Citi Best Buy MC $4250 / Barclaycard Rewards Visa $4000 / BFG CU Visa $3500 / Citi Sears$3000 / WF Visa $2000 / GE Walmart $1900 / GE Care Credit $1900 / GE Amazon $1400 / Cap 1 Kohls $1000 / GE Old Navy $800 / Webbank Fingerhut $700
Established Contributor
CruzImperial
Posts: 869
Registered: ‎07-04-2012
0

Re: Auto loan advice from an Underwriter

Thank you for your input and advise. I would like to finally get a car for my own next year around March. I make $25-30k a year and I've been working in the same place for more than 2 years by that time.

My aaoa will be a little more than a year by then. I don't have experience with loans but my credit history is flawless. I would like to purchase a couple of things for the holidays and maybe my util will go to 10-15%.

I was looking for a hyundai elantra 2012-13 or a suzuki xl-7. I can feel comfortable giving about 2k down if needed.
If it makes a difference, I live in south Florida.

What are my chances of getting a car loan with a good apr, maybe 4%, and what can I do to improve them?
Also, should I apply for a loan beforehand or let the dealer do the job for me?

Any difference between New and used?
Thank you
Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

Cap One Journey 500 | Discover IT 500 | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 7.5k | Barclays Apple 2.5k | BoA CR 2.7k | CSP 7.2k | Platinum Prestige 5k | IT Chrome 4k | Slate 2.3k |
New Visitor
nsanchez
Posts: 2
Registered: ‎10-23-2012
0

Re: Auto loan advice from an Underwriter

Hi. Early 2013 I am planning on applying for my first auto loan. I want a used vehicle from 2008 or younger, that stays under 13,000 for the total loan, putting down a $1000 down payment. I have had credit that is relatively young as the average age is 18 months, however the oldest account is over two years old. I have never been late for a payment and only use up approximately 30-51% of my total credit. I have one credit card and two silly merchant cards that are always up to date as well. I am paying off until January a Same as Cash offer on one of the cards, as well as furniture from R & F, so everything is paid on time and to date.

 

With this information, and making a little over 35k a year with my husband responsible for all utilities, what are my chances for a loan? I was stupid when I moved to the US and didn't know how inquiries affected the overall credit, which is why I won't even consider applying for a loan before my 5 stupid inquiries fall off in February. After that, I will only have the 3 inquiries which were all approved.

 

Any and all help is appreciated! Thanks!

New Visitor
nsanchez
Posts: 2
Registered: ‎10-23-2012
0

Re: Auto loan advice from an Underwriter

I should have included that my latest credit score is 717, so not bad at all. Thanks!

Frequent Contributor
Hammer23
Posts: 428
Registered: ‎01-21-2012
0

Re: Auto loan advice from an Underwriter


nsanchez wrote:

I should have included that my latest credit score is 717, so not bad at all. Thanks!


I would suggest getting Pre Approved through a credit union or bank before going into the dealer, you can then shop the dealer's rate aganist your pre approval. 

 

Most banks go off model year for rates. The newer the car the lower the rate. 

 

I do not see an issue with you obtaining a rate below 5% with your score and downpayment.

WF Home Projects Visa $8500 / Towpath CU Visa $7000 / Chase Freedom Visa $5500 / Cap 1 QS Visa Sig $5000 / Barclaycard Ring MC $5000 / GE Lowes $5000 / Citi Best Buy MC $4250 / Barclaycard Rewards Visa $4000 / BFG CU Visa $3500 / Citi Sears$3000 / WF Visa $2000 / GE Walmart $1900 / GE Care Credit $1900 / GE Amazon $1400 / Cap 1 Kohls $1000 / GE Old Navy $800 / Webbank Fingerhut $700
New Member
Roadee
Posts: 1
Registered: ‎10-23-2012
0

Re: Auto loan advice from an Underwriter

get auto loan of 35k. Credit score of 624 (credit karma). Annual income of 45k. 2 cc one $500 other $1500 with about 80% used, but could pay off in a week. 1k to 1.5k down is it possible??? Oh I had 1 previous car loan paid in full never late
Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012
0

Re: Auto loan advice from an Underwriter

[ Edited ]

Thanks for any advice you can give.  I wasn't planning on buying until spring next year, but I may need to speed things up at the rate my car is needing repairs.

 

Scores below, here's my current scenario:

 

2 Collections accounts 12+ months old (Medical - Paid)

1 Collections account 24+ months old (Paid)

Auto Loan from 2007 (Perfect history, Paid)

Auto Loan from 2009 (Perfect history, Paid)

2x 30 day late CC payments from within 12 months (Jan and Apr)

2+ 30 day late CC payments 18+ months

2x Student Loan Accounts (Perfect history, paying)

3x Current Revolving CC (UTIL <5%, 1x new, 1x 12 months, 1x 6 years)

1x Unsecured Loan from 2010 (Perfect history, paying)

AAoA: 5.25 years

Income: 70k gross, same company 6 years

Expenses: $180 UnSec Loan, $180 Student Loan, $850 Rent

 

Looking for: 2010-2011 VW @ $19,000

Trade/DP: Trade owned outright ~$5,000

Total Loan Value: ~$15,000

 

There's a SLIGHT possiblity I'm getting my 2 medical collections removed, but this is based on not being able to.

 

First, will I be able to be financed by anyone but Cap1, second are my rates going to be sky high?

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}