Ford Explorer Platinum Approval Chances

[simplegirl]

What type of yearly salary would I need for the explorer? I'm going to wait until the end of next year to get but now its at about 55000 so what type of income would i need to

prove I can afford it?

[jeffm4688]

There is so much more to how much do I need to make as how much you need to make depends on how comfortable you are making a high payment (~$700-800) a month at least, it all depends on how much you spend, how much you pay for rent, credit score, if you've had previous auto loans, etc.

I'd suggest taking a look here : http://ficoforums.myfico.com/t5/Auto-Loans/Do-I-qualify-for-an-auto-loan-Info-that-is-needed/td-p/22...

As for income question, again it's personal. But you'd be hard pressed to be approved spending more than 15-20% of your gross income on a vehicle which would ~65K+ minimum annually.

[simplegirl]

I had a auto loan for that I got in 2014 and it was totaled out because of the flood in April of this year and I half the rent so it's about 500 I also have a credit card that I use to buy food other than that I don't buy groceries and my credit scores are 625EQ 654TU 626EX which I am currently working on

[Appleman]

Jeff, how did you get the $115K PenFed Card in your siggy?

To the OP, for the scores you posted, your interest rate is likely to be fairly high. 

72 month, 0 down, 0%               $763.89     

72 month, 0 down, 1.49%         $799.02       

72 month, 0 down,  3%              $835.65

72 month, 0 down,  5%              $885.77

72 month, 0 down,   10%           $1,018.92

72 month, 0 down,    15%          $1,162.98

72 month, 0 down,    20%          $1,317.41

[simplegirl]

That's why I wanna keep rebuilding my credit by getting off the two negatives and my student loans plus I want to put down 9200 because I read down payment doesn't really matter & from the carmax calculator it doesn't seem like it makes much of a impact

[Anonymous]

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@simplegirl wrote:

That's why I wanna keep rebuilding my credit by getting off the two negatives and my student loans plus I want to put down 9200 because I read down payment doesn't really matter & from the carmax calculator it doesn't seem like it makes much of a impact

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Down payment matter when u have a low score. If score too low and without down payment no one will finance a 55k vehicle after tax doc and all will be around 60k. Now if u have a 740+ they will finance and not need POI or anything and will just keep trying to convince u to buy car by signing that contract and take car off lot. Once u sign and take car off lot the car is urs (if it's a new vehicle)

[simplegirl]

By the time I get that car it should be a lower price for it and the 55k was an estimate with tax title & license already included & what ur saying is my goal score should be 740 at the least?

[jeffm4688]

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@Appleman wrote:

Jeff, how did you get the $115K PenFed Card in your siggy?

To the OP, for the scores you posted, your interest rate is likely to be fairly high. 

72 month, 0 down, 0%               $763.89     

72 month, 0 down, 1.49%         $799.02       

72 month, 0 down,  3%              $835.65

72 month, 0 down,  5%              $885.77

72 month, 0 down,   10%           $1,018.92

72 month, 0 down,    15%          $1,162.98

72 month, 0 down,    20%          $1,317.41

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card is $11.5K .

OP,

I financed a jeep last year with a TU fico of 630 through chase at 3.5% for 72 months. Low interest rates are possible with low scores but rare. I also had a 25% down payment. It also helped that I had previously had 4 years of perfect payment history on my one and only auto loan at the time.

I'd suggest you do everything you can do to maximize your score, it sounds like you've had a previous loan which means your auto enhanced scores might be higher. Interest rate is going to play a huge factor in the loan payment and I wouldn't suggest signing anything that's too high especially if putting down a large down payment & on an expensive vehicle. When the time comes I'd suggest going into a local CU and speaking to apply/speak to a loan officer or applying someplace like penfed or DCU to see if you can get preferable rates.

[simplegirl]

I wanna go with dcu but first I want to get a account with them & a personal loan to help my credit to. As for the personal loan I want to stretch it through to 6 months so that can have a good impact on my score but i want to get next December and hopefully my score will be high 600s low 700s or more but what can I do to accomplish that?

[Anonymous]

Down payment is really money you're giving away.  I know most want something, but I wouldn't give them too much.  Have a life long friend in the business and he can tell you that's what happens to your down payment.  I don't plan on putting much down on my next car.  Just enough to satisfy them.  I'm not buying until next fall.  One thing to remember, when you do buy a leftover, it is already a yr old when you drive it off the lot.  But being a pick-up, I wouldn't worry about that.  They keep their value.  Good luck.