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Member
burgess1014
Posts: 6
Registered: ‎05-27-2012

Odds of Approval?

My monthly income is 4500 net.  Equifax and Transuion both 700+.  Credit cards are 15% usage.  I have paid off 3 auto loans and currently have two, but I am trading one of those to get the new vehicle.  I have a couple 30 days late in one month on both of my current ones, which happend 2 years ago.  

 

Do you think I can get approved for a Truck loan for around 40k?  I am just curious as to what you guys think before I start rate shopping.  I'm new to all of this! Any advice and help is much appreciated. Thanks

Established Contributor
SamsungHDTV
Posts: 517
Registered: ‎10-25-2011

Re: Odds of Approval?

In my opinion you should have no trouble getting approved and for 3% or better. Your utilization is fine. Your late payments are old enough to where it shouldn't be affecting you to much. You should look into sending GW letters. If you're not sure what that is visit the rebuilding credit section of myfico: http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit

 

 

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
Established Contributor
SamsungHDTV
Posts: 517
Registered: ‎10-25-2011

Re: Odds of Approval?

Also, I assumed your DTI is fine because you didn't mention.

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
Member
burgess1014
Posts: 6
Registered: ‎05-27-2012

Re: Odds of Approval?

Thanks for the quick reply! I will check into that link you gave me as well.  I appreciate the help. 

 

Another question: Should I go to a dealer or try my credit union? Both? Any online pre approval sites? Thanks again.

Established Contributor
SamsungHDTV
Posts: 517
Registered: ‎10-25-2011

Re: Odds of Approval?

If I were you, I'd apply at your credit union first. Then allow the dealer to see if they can beat rate.

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: Odds of Approval?

Also, check out a site like true car to see the going rate for the truck.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Member
burgess1014
Posts: 6
Registered: ‎05-27-2012

Re: Odds of Approval?

Well, I there are two trucks I am looking at.  Tundra and Lariat f-150.  On the Lariat, they have come down 10k already, and I'm not done negotiating.  It's a 2012 so they want to get rid of it I'm guessing.  

 

Does anybody know where I would send an email or call about a GW for ally? 

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: Odds of Approval?


burgess1014 wrote:

Well, I there are two trucks I am looking at.  Tundra and Lariat f-150.  On the Lariat, they have come down 10k already, and I'm not done negotiating.  It's a 2012 so they want to get rid of it I'm guessing.  

 

Does anybody know where I would send an email or call about a GW for ally? 


Ask on the rebuilding section of the forum.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Member
burgess1014
Posts: 6
Registered: ‎05-27-2012

Re: Odds of Approval?

Thanks for the help! I appreciate it. 

Member
burgess1014
Posts: 6
Registered: ‎05-27-2012

Re: Odds of Approval?

My DTI is 23% before the new loan.  So that shouldn't be a problem. Now, here is the only problem.  My transunion isn't near what I thought it was.  My equifax is a good 40 points higher.  What should I do? ask the dealer before I go? Thanks


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