Auto Loans

[dodgeball]

 Okay for reasons I rather not discuss to long of a story my auto loan with NFCU feel through. Im seeking a new loan for 28k, here is a quik run down what my finances look like.

All three scores between 650-660 lender pulls

2% DTI ratio

60K annual salary

10 years with the US Army

One Paid collection from 2008

2 Small charge offs 6 years ago account paid collections do not show on reports

2 auto loans both 5 years recently paid off and closed one was perfect the other several 30 day lates.

20% down payment on hand.

So what does everybody think.

[pizzadude]

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dodgeball wrote:

 Okay for reasons I rather not discuss to long of a story my auto loan with NFCU feel through. Im seeking a new loan for 28k, here is a quik run down what my finances look like.

All three scores between 650-660 lender pulls

2% DTI ratio

60K annual salary

10 years with the US Army

One Paid collection from 2008

2 Small charge offs 6 years ago account paid collections do not show on reports

2 auto loans both 5 years recently paid off and closed one was perfect the other several 30 day lates.

20% down payment on hand.

So what does everybody think.

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Based on what you have listed, I would think that you should be ok for approval, assuming that you can afford the monthly payments ( which it appears that you can ).

Did the Navy loan fall thru due to something related to your credit ?    Also how much did you borrow previously on your auto loans, was it anywhere near $28K ?

[dodgeball]

The Previous Auto Loans where for 27k and 30k I had both those loans at the same time one at a prime rate and the other at a subprime rate my total payments at the same time where $1200 dollars. The NFCU fell through, because they didnt want to participate in the MB US ARMY european program.

[pizzadude]

If you have previously borrowed that much then I think that you should be in good shape.

[jnk2001]

"2 auto loans both 5 years recently paid off and closed one was perfect the other several 30 day lates."

the several 30 day lates might have an impact.

[dodgeball]

The funny thing would be is that my wife just qualified for a 25k loan with the same 30 day marks runs 50% DTI ratio and has half the salary and 30 points lower of a fico score.

[pizzadude]

The lates weren't the issue with your approval, right ?   I thought it was due to NFCU not accepting the purchase thru the MB channel.

[dodgeball]

NFCU didnt even say anything about my credit report at all, just approved it. The loan is still good just not with the MB network. My concern is I know that NFCU is one of the most liberal of the lending institutions. The next credit union or bank I was going to try to get approved from in Penfed but there a little more conservative.

[webhopper]

What is the MB network?

[dodgeball]

Mercedes Benz overseas military sales