04-18-2017 02:22 PM
04-18-2017 03:16 PM
Welcome Putty to myFICO.
DTI is Debt to Income (monthly) Take all of the bills that show up on your credit report + rent and that may approximate your Debt / Your Gross (pre-tax) income.
Lenders like to see people have numbers below 40% with the new loan. $1,600 X .4 = 640 a month to pay the bills such as car payment, rent etc.
Your scores are in the range to get an auto loan. The issue will be getting a loan on a car that is 7-8 years old for an extended period of time.
Sounds like you have already been to the dealership checking out options.
04-18-2017 05:16 PM
04-18-2017 11:06 PM
Your income, combined with a lack of auto loan history and an older car will make financing a bit tough. With a small loan many lenders don't want to take a chance because frankly there isn't much upside for them. I would join Penfed and DCU, both are easy to join and frankly everyone should have them as a resource when they need to finance a car. GIve them a shot at a loan and see what happens. A dealer will get you financed but the rates will be terrible so try to avoid that.
04-19-2017 11:47 AM
I apparently can't join penfed. I looked at all their requirements to join and I don't fit a single one. I'll look at dcu though.
Anyone can, you simply "join" one of the charity organizations like a military family association for a 10-15 dollar donation and then your qualified. You can simply call Penfed and they can help you. That is the same way you can join DCU. Many credit unions have these methods of joining because it gives them the ability to expand their membership beyond the geographic boundries that many have had to stick with for years. The banks hate this because it allows the credit unions who have huge tax advantages (non-profts) to poach their customers. This is why credit unions will almost always beat the banks on interest and other charges.
There are many great credit unions out there and you likely have a local also to consider but Penfed and DCU are consistantly preffered here. If your a veteran or have a family member who is I highly suggest NFCU as the credit union to do business with.
04-19-2017 03:41 PM
04-19-2017 07:52 PM
Home now, asked my dad, was given the green light so I'm looking at NCFU, since he's a veteran and it's been recommended. I'll see what I can do from here and hopefully find something.
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