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Established Member
sony
Posts: 20
Registered: ‎03-24-2007
0

Debt to income for auto loan

Hello,

 

how do lenders figure out how much to lend you for auto loans?  I am asking this because

I have a car loan with about 1 year left on it and I want to buy a new car before I sell this one.

Established Member
DTGE
Posts: 19
Registered: ‎11-10-2010
0

Re: Debt to income for auto loan

[ Edited ]

http://ficoforums.myfico.com/t5/Auto-Loans/Debt-to-income-ratio-on-new-car-purchase/td-p/655312

 

Personal advice...sell and or pay off the old car first if you can, wait a month for it to clear on your credit report, then buy the new one. 


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Valued Contributor
usmc58555
Posts: 1,668
Registered: ‎02-18-2009
0

Re: Debt to income for auto loan

Most places will not lend at a payment more then 30% your gross monthly income.

 

 

 

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