Going for a second car - My Chances?

[chopperacn]

Here is my profile.

TU - 699 EQ - 682 ( FICO's)

Total revolving Limit - $62700, Outstanding Balance - $16000

Outsanding car loan - $18000  with Acura F.S.

Annual income - $115000 p.a.

No baddies since last 5 years and have closed down sucessfully 2 car loans in the past 8 years.

My wife's car broke down and she is looking at lexus IS 250 for 35k.(25k loan , 10k downpayment)

Her credit is not great in the sense that she had 60 and 90 days late on her last car loan from 2005.

I wanted to ask the good people of this forum first  before I go and submit my app with the Lexus dealer here in NJ.

[Revelate]

Your chances are fine.  Even the Lexus dealer's in-house lender will work with you on that scenario... though I'd somewhat ask why you have so much outstanding balance on your credit cards, and yet have 10k to put down on a car; however, that 10k will solve any issues a lender has regarding financing you so perhaps is not such a bad plan from that perspective.

[Anonymous]

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@chopperacn wrote:

Here is my profile.

TU - 699 EQ - 682 ( FICO's)

Total revolving Limit - $62700, Outstanding Balance - $16000

Outsanding car loan - $18000  with Acura F.S.

Annual income - $115000 p.a.

No baddies since last 5 years and have closed down sucessfully 2 car loans in the past 8 years.

My wife's car broke down and she is looking at lexus IS 250 for 35k.(25k loan , 10k downpayment)

Her credit is not great in the sense that she had 60 and 90 days late on her last car loan from 2005.

I wanted to ask the good people of this forum first  before I go and submit my app with the Lexus dealer here in NJ.

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I thin your down payment and a paid up auto loan might help your wife in securing a loan but YMMV, provided other factors on her CR is in her favor.

Looking at your credit picture you should easily qualify for good rates