Auto Loans

[Tay09]

So I went out on a limb to see if I would get approved for an auto loan for 15K through my credit union, I only planned on using 10K. The rep told me they usually look for a score of 600 for approvaI. I figured since my TU is 631 and EQ is 623 I would give it a try. Well, my score came in at 610 I'm not sure which reporting agency but she said they can't approve me because I have way too much student loans which are not even in repayment at the moment. WHAT!!  Guess it serves me right for getting an MPA. 

[Jutz]

They should have asked you about your DTI before hand, at least you could have saved yourself the hard pull.  That's pretty disappointing to hit their qualifier and get declined for something else.

[Tay09]

The reason doesn't make any sense to me. If that's the case no one would be able to get an auto loan if they had student loans or a mortgage. 

[Jutz]

It's related to Income to Debt ratio.

What's your income, what's your total student debt?  Do you know what your payments will be once your repayment starts?  It was probably the combination of the 610 with a questionable DTI.  The 15k isn't exactly a HUGE amount to request either

Edit: Random smiley, boards are weird this morning

[Tay09]

Income is $50K and my loan debt is almost $90K. Repayment will prob be close to $600 a month. 

My CU said i should be fine with a cosigner but i didnt want to do that. Should I try a bank like Cap One?

[Jutz]

Depends on what APR you may be fine with.  Did the CU indicate at what point they might accept you?  Like if you hit 650 would they be ok?  There's a big difference between financing Cap1 and a CU.  My local CU said at 650TU I'd be able to get 7.99% on a used car, whereas mid teens looks commonplace for Cap1 at our scores.

[Tay09]

No my CU didn't give me a score where I might be accepted, they just suggested I get a cosigner. How many days do I have before the hard pulls affect me. I might as well just see what I get from Cap One since my CU already pulled.

[Tay09]

Update...well Capital One approved me for a loan up to $21,600.

[Epcot]

Congrats on the Capital One approval!

[Jutz]

What was the APR

And congrats!!