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07-17-2017 10:03 AM
Credit Score: 795
AAoA: 5 years
# of positive trade lines: 2
# of negative trade lines: 0
Lenght of Employment: less than 2 years at current job
Previous Loan Experience: 0 missed payments
Debt-to-Income (DTI): ~15%
Year of Car: 2018
Car cost: 80k
Loan amount: 65k
Requested loan term (XX Months): 72 mos
Down payment amount: ~$15000
Banks available: NFCU, USAA
07-17-2017 06:10 PM
With your current DTI at about 15%, the $1000ish car loan payment you're looking to add should increase you to about 24-25%, depending on your actual income level (you provided a range, so these are all rounded numbers based on the middle of that range).
With your score and AAoA, assuming you have appropriate positive installment history (an old car loan, student loan, mortgage, something), it should not be a problem.
If you don't have installment history and they balk at that, it is more likely to affect your interest rate than your approval. And the interest rate can always be lowered 6 months down the line once you've paid some on the loan and are ready to refi with 6 months of solid history on file.
07-17-2017 06:16 PM
I am not sure but that amount looks to me to be too high for either usaa or nfcu. Might give a call and ask each what they think in general, not specific to your profile. Also, the real value of the collateral matters greatly
07-18-2017 07:20 AM
PenFed is also available as well. 1 EQ HP for membership, auto loan, PLOC and credit card if your credit profile allows it.
I used USAA for auto loans for decades but have since moved onto PenFed for my auto finance needs as they consistently beat USAA.
Approval sems likely esp. with the $15K down.
Just curious, what vehicle are you looking to buy?
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