Help?

[xXIDaShizIXx]

So my wife and I need a new car. No trade in because we will still be driving the old one. My DTI is currently 33% for this month because I used a financing card. It will be down by the time we apply in August. My AAoA is 1 year 6 months. My Oldest is 3 years and 9 months. 13 accounts with 9 of those being paid on time student loans. No derogatory marks or negatives. My credit karma score is 697. Credit Sesame 711. (I know they are FAKOs, just a ball park). Do you think I can qualify for anything and if so what and about how much? We don't want anything too expensive. Maybe around $25000. We both make around $3,000 a month. It would be nice to have the no payment for 90 days or 0% interest. I think 60-72 months would be the best term right now. So what do you guys think?

[Remember0]

Fill this out for me:

Joint application or single application:

Income:

Lenght of Employment:

Previous Loan Experience:

Rent/mortgage:

Aggregate minimum payments on credit cards per month:

Utility on credit cards (total balances/total credit limits):

Year of Car:

Miles:

Down payment amount:

[xXIDaShizIXx]

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@Remember0 wrote:

Fill this out for me:

Joint application or single application: Single

Income: 5000 a Month or so total(can be higher, but working plus commission). 

Lenght of Employment: 1 year.

Previous Loan Experience: No Car loan, student loans.

Rent/mortgage: Rent - 960 A month.

Aggregate minimum payments on credit cards per month: None, always pay in full. Financing cards I pay in chunks of several hundred dollars.

Utility on credit cards (total balances/total credit limits):1200/ 3000 now, will be 0/3000 when I apply

Year of Car:2013

Miles:26000

Down payment amount:2500

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[Remember0]

I think you'll be fine. I don't get the income though...in your original post you said 3k/month, now you said 5k/month?

If you're looking at a used car, I'm not sure how you're going to get 90 days no payments or 0% to be honest. Usually those are promos I see on new cars. Do you know of a CU that does 90 days no payments on any loan or something?

If I had to recommend a finance company, I'd say start with DCU and see what they say. If DCU doesn't work out, a bank like BofA should approve you without issue for the loan you are looking for.

[xXIDaShizIXx]

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@Remember0 wrote:

I think you'll be fine. I don't get the income though...in your original post you said 3k/month, now you said 5k/month?

If you're looking at a used car, I'm not sure how you're going to get 90 days no payments or 0% to be honest. Usually those are promos I see on new cars. Do you know of a CU that does 90 days no payments on any loan or something?

If I had to recommend a finance company, I'd say start with DCU and see what they say. If DCU doesn't work out, a bank like BofA should approve you without issue for the loan you are looking for.

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Base pay 3000. I consistently get commissions over 5k though. So my pay fluctuates some. Yeah I have BBVA Compass and they are useless. Wouldn't ever approve me for a card, etc. I didn't know that about the promos, sorry. What rate should I be looking at and should I apply for those loans before going in to the dealer or what?

[xXIDaShizIXx]

Also, not against getting a new car and just graduated this past December from college.

[Remember0]

Be sure to use 5k as your salary then, not 3k when you fill out ALL finance applications.

I would apply and get a pre-approval before going to a dealer (but no more than 2 weeks before you know you'll buy the car). That way he won't rip you off on the interest rate he gives you plus you have a backup in case his rates are higher. It'd be much easier for me to tell you a rate if you pulled your EQ FICO from this website for like $10. But if EQ fico looks like your FAKOs and you pay down the cards like you suggested before applying (and the 0 balances update to your report), I'd expect DCU to approve you for ~1.24% (with direct deposit).

Also if you do buy new, be sure to go through the manufacturer's college grad program. What car exactly are you looking at? Through that program you can get really low, sometimes 0% rates, and the 90 days no payment feature you want. Though that depends on model, which is why I asked which car.

Finally I wouldn't go for the new car just because you get 90 days no payment (if you can't afford the car payment as soon as you buy, you need to look for cheaper cars in my opinion). The 1.24% from DCU is a pretty good rate and it'll work for used cars too.

[StartingOver10]

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@Remember0 wrote:

,,, 

Finally I wouldn't go for the new car just because you get 90 days no payment (if you can't afford the car payment as soon as you buy, you need to look for cheaper cars in my opinion). The 1.24% from DCU is a pretty good rate and it'll work for used cars too.

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^^^Exactly. Your car payment is going to be a long term monthly payment for 4, 5 or 6 years unless you pay it off early. Get something that is easily affordable for you. You can write down your $5k income because that is what you make with commission, but keep in mind that your base is $3k so keep your payments affordable in relation to your base income in case you end up with a month or two closer to your base income. It is a lot less stressful that way. (I am speaking from experience, my income is 100% commission for the past 35+ years).  Another way to smooth out uneven income is to have lots of savings.

[xXIDaShizIXx]

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@StartingOver10 wrote:

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@Remember0 wrote:

,,, 

Finally I wouldn't go for the new car just because you get 90 days no payment (if you can't afford the car payment as soon as you buy, you need to look for cheaper cars in my opinion). The 1.24% from DCU is a pretty good rate and it'll work for used cars too.

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^^^Exactly. Your car payment is going to be a long term monthly payment for 4, 5 or 6 years unless you pay it off early. Get something that is easily affordable for you. You can write down your $5k income because that is what you make with commission, but keep in mind that your base is $3k so keep your payments affordable in relation to your base income in case you end up with a month or two closer to your base income. It is a lot less stressful that way. (I am speaking from experience, my income is 100% commission for the past 35+ years).  Another way to smooth out uneven income is to have lots of savings.

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Yeah I don't personally care for the 90 days, because you are right I will have to pay for it and I can pay for it. That is why I was only looking for slightly used, cheaper payments, but don't get me wrong, we can afford either. I do believe I am entitled to little incentives here and there as well even if I can afford it. But honestly the cars I have been looking at are around 2013 with 20-30,000 miles on them. I'm saying with the information I have given you guys, do you think I will be approved? I have the down payment, and make enough for the payments, so really I'm mostly interested in lower interest rates. Do you think I qualify for lower interest rates is what I was trying to ask?

[Remember0]

I stand by what I said above. It'd really help if you got a FICO score from this site. Barring that, you will get very low rates generally if you shop the right way (ie get your own preapproval before going to the dealer) and your FICO looks like your FAKO scores.

BTW just noticed you have a Cap One card. You know Cap One offers free monthly FICO scores on their website right? (EDITED to remove misinformation)