I am currently in the market for a second auto loan and would like to know what the community thought about my chances of approval. I would like to purchase a 34k vehicle. My fico score is around a 740. I have 15k of revolving credit available to me and have 0 usage. I have paid off one 21k auto loan previously and currently have one that was originally 17k and is now down to 12k, I bring home 3300 a month and my curernt obligations (car payment and rent) is 680 per month. I am planning on putting down 5-7k on this 34k vehicle, so I figure I will only need to finance about 30k after I add in taxes. The only reason I have a shadow of doubt about approval is because it would be my second car. Thank you guys for the input.
I think you wont have any problems at all....
I got approved for 27K from BMW financial with scores in 680-700 Range with 2.99% APR. I sold my car a day earlier, so the loan was still showing up on my CR with 10000 balance. I was sure that I am going to be denied but to my surprise, I got an instant online approval. At the time of approval I had three credit cards with combined CL of 3250 and two store cards. Only thing that would have worked in my favor in that I never missed a single payment on any of accounts ever.
Thanks for the reassurance! I want to go with my local credit union, but if they won't approve me for that amount then I will settle with applying through ford motor credit.