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Member
Posts: 20
Registered: ‎01-15-2014
0

Maximum Auto Loan I can get?

[ Edited ]

So I would like to buy a new car in the next 6-8 months.

 

My annual salary is 48,000. My debts include 33,000 in student loans. I have been in worse debt before, however, I paid off over 10,000 in credit card debt this last year and my credit score averages 720 ish when all three items are combined (highest is 748, lowest around 718).

 

I pay $350 in student loans/month, however, I live with my wife so my bills are "minimal" (rent is $450 each, by far the largest bill). Total debts per month are around $1000, including student loans and all other bills. I bring home around $3,000 per month.

 

I have around $3500 saved for a down payment.

 

 

With all of this in mind, what is reasonable for me to afford with a 4 or 5 year loan? And based on my salary and debts, do you think I am very likely to be qualified for a loan?

 

Thanks!

Established Member
Posts: 40
Registered: ‎06-03-2012
0

Re: Maximum Auto Loan I can get?

You shouldn't have any problem getting a loan.


Have you ever had a car loan before?

The general rule of financing a car is every 10,000 you borrow is about $200.00- 225 per month


Starting Score: 547
Current Score: 620
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Regular Contributor
Posts: 140
Registered: ‎06-05-2013
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Re: Maximum Auto Loan I can get?

At your current credit score, and depending on what financial obligations the lender's take into consideration, you should qualify in the $17k to $27k range.

New Member
Posts: 2
Registered: ‎01-11-2014
0

Re: Maximum Auto Loan I can get?

I'm iN the same boat....

 

fako scores in the upper 600's (650-680).  For the life of me, I cannot crack 700....

salary is $175k not including bonus

two car notes, one with Chase, the other with Wells.  This is my second with Wells. 

Mortgage is with wells

no late payments on anything the last four years at least

7 inquiries on credit, everything else is paid or being paid

3 credit cards all capitalone usually stay under 30% used credit

 

looking to get between 40-80k, I'll put $35k down.  Looking to get 2012 Porsche Panamera Turbo.  The one I'm looking at is $120k

 

Rippey




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