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Established Member
Insaniak
Posts: 41
Registered: ‎04-15-2014

Re: Auto loan what to do? Chances of Approval?

30k before tax, Id have 20 or so on EQ and about 7 in last 6 months 12 in last year for EX

Valued Contributor
Remember0
Posts: 1,240
Registered: ‎02-12-2014

Re: Auto loan what to do? Chances of Approval?

[ Edited ]

Gotcha. Since the 30k is 2.5k/month, you should be in a good spot. I'd try maybe BofA and see what they say. CapOne is also another good one you can try. I think I'd start with BofA though and wait to see what they say.

Established Member
Insaniak
Posts: 41
Registered: ‎04-15-2014

Re: Auto loan what to do? Chances of Approval?

why not DCU you dont think Id have a chance?

Established Member
Insaniak
Posts: 41
Registered: ‎04-15-2014

Re: Auto loan what to do? Chances of Approval?

Also I just asked for a credit increase from capital one and they said my EQ score is 595 Not 707 like Myfico says. That is strange.

Valued Contributor
Remember0
Posts: 1,240
Registered: ‎02-12-2014

Re: Auto loan what to do? Chances of Approval?

So Capital One sometimes uses a old FICO that they previously pulled. Look at the date on that FICO from Cap One? My CLI request decline (I had to email the EOto get them to go from $500 -> 3k for me) sometimes are a month old on the FICO score.

 

The issue with DCU is they might reuse the previous 595 score. You can try though, you have nothing to lose. If they reuse the old score  you most likely won't get another hard INQ anyways. So yeah, I guess trying DCU again can't hurt. The other thing about DCU is sometimes I've seen them approve lower incomes for only 15k or 20k. It might be lower score combined with lower income, I really can't tell. But again, like I said, you have little to lose by trying them first. They definitely do have the best rate!

Established Member
Insaniak
Posts: 41
Registered: ‎04-15-2014

Re: Auto loan what to do? Chances of Approval?

Thank you! Very helpful information. What about a cosigner? My GF has a fico of 698 for EQ and about the same amount of income would this help my case at all? Im think DTI may be an issue, but not sure. Do you happen to have the CEOs email for capOne and also what should I say?

Valued Contributor
Remember0
Posts: 1,240
Registered: ‎02-12-2014

Re: Auto loan what to do? Chances of Approval?

[ Edited ]

I'll PM you the Capital One info in a bit. But I recommend you hold off for at least 2-3 months till they refresh your credit score. Because now, the credit analyst might use the old pull. BTW, the whole reason for your jump in score is util. So in the future, keep util down!

 

I never investigated DTI haha because you had an old loan. Answer these questions:

 

1) Monthly gross (aka pre-tax) income?

2) Rent/mortgage? (If split w/ the gf or something, please tell me)

3) Aggregate minimum monthly payments across all credit cards?

4) Monthly payment on car you have a loan on but will be trading?

5) Any other debt or obligations (like child support, alimony, etc) other than the credit cards and rent/mortgage discussed above?

 

Oh and since your FICO is fine now, gf wouldn't help unless there's a DTI issue as you hinted.

Established Member
Insaniak
Posts: 41
Registered: ‎04-15-2014

Re: Auto loan what to do? Chances of Approval?

1) Monthly gross (aka pre-tax) income?2500

2) Rent/mortgage? (If split w/ the gf or something, please tell me) 0

3) Aggregate minimum monthly payments across all credit cards? 50

4) Monthly payment on car you have a loan on but will be trading? 434

5) Any other debt or obligations (like child support, alimony, etc) other than the credit cards and rent/mortgage discussed above? No

 

Also if DTI was an issue, would they let me be able to apply for myself and then just add a cosigner without apply myself again?

 

Valued Contributor
Remember0
Posts: 1,240
Registered: ‎02-12-2014

Re: Auto loan what to do? Chances of Approval?

[ Edited ]

How can you have 0 rent? I mean I don't need to know, but some lenders may.

 

Even if I imputed a $500 rent as some lenders will do, I don't think you'll have any DTI issues on a 25k loan. Just make sure you can afford a 25k car on a 30k/yr pre-tax salary...just because they approve doesn't mean you can afford it! Also if you speak with a loan officer (with mall CUs or whatever), mention that you'll be trading in your current car!

 

The whole re apply w/ gf is harder if you're applying by yourself. Definitely possible with some lenders. And hey, just reapplying on say BofA's website can't hurt.

 

At the dealer, it'll be really easy to do (don't mention cosigning first, if approval is not favorable then mention). But at the dealer you definitely won't need to since you're trading your car.

 

Best way to do this is don't apply everywhere at the same time haha. Do like your local CU or DCU or BofA first, see what they say. Use that (and potentially their decline reasons) to guage if you're better off applying jointly to the next lender.

Frequent Contributor
mtrsprt
Posts: 307
Registered: ‎07-27-2011

Re: Auto loan what to do? Chances of Approval?

[ Edited ]

I would never purchase a $25,000.00 car on a $30,000.00 income...  

Your going to barely put anything down? Your term will be 72-84 months.  You will end up paying about $39,000.00 total for this car, if you DID go the full term.  You will be completely upsidedown in 6 months.  Your debt/living expenses may increase at ANY time.  


Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011
Current Score: 718 TU, 698 EQ, 705 EX on 6/07/2014
Goal Score: 720-740 Across the board


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