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Up or down??

Established Member

Up or down??

Hello Folks,

 

I was wondering what you all thought about my chances of getting this Auto loan. 

 

Car. 2013 audi...$44,000

 

Me, Mid 30's, 120k in income, scores from ussa 705-715, rent $1200, No baddies, No bk, oldest card is 2 years, 4 inq in the past year

 

Do you think I will get the loan? If so why, if not why.

 

Thank You, all comments are greatly appreciated.

 

 

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10 REPLIES
Valued Member

Re: Up or down??

Will you get the loan and if so why, well lets see, 120K income 715 Fico, no BK or baddies, why on Gods green earth would you not get it??

2fst4u
Valued Contributor

Re: Up or down??

With what you posted you should be able to get a loan. Do you have anything to put down? Any previous auto loan history?

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Established Member

Re: Up or down??


Epcot wrote:
With what you posted you should be able to get a loan. Do you have anything to put down? Any previous auto loan history?

That's the rub. I have no auto or mortgage. Just CC revolvers. I have trade in for 4k, but that's it.

Amex Gold (NSL) 9/12
Chase Freedom (2200) 5/12
Citi Thank You Pref. (7000) 4/12
USAA AMEX (4000) 11/12
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Amex Gold Small Biz (NSL) 11/12
Established Member

Re: Up or down??


blackie1 wrote:

Will you get the loan and if so why, well lets see, 120K income 715 Fico, no BK or baddies, why on Gods green earth would you not get it??


Thanks for the post, and I hope folks  keep them coming.

 

I would say that I have no Auto loan on my file. That is for sure strike 1. Plus, the car is almost half my income. I would think those would be red flags.

Amex Gold (NSL) 9/12
Chase Freedom (2200) 5/12
Citi Thank You Pref. (7000) 4/12
USAA AMEX (4000) 11/12
BOA VISA SIG CASH (5000) 12/12
Amex Gold Small Biz (NSL) 11/12
Established Contributor

Re: Up or down??


texaspete2012 wrote:

blackie1 wrote:

Will you get the loan and if so why, well lets see, 120K income 715 Fico, no BK or baddies, why on Gods green earth would you not get it??


Thanks for the post, and I hope people keep thme coming.

 

I would say that I have no Auto loan on my file. That is for sure strike 1. Plus, the car is almost half my income. I would think those would be red flags.


Not if you have $10-$15k to put down on the car. I would expect to get approved if you are only financing $29K. At that point, you should be aggressively negotiating price and interest rate.

Established Member

Re: Up or down??


bahbahd wrote:

texaspete2012 wrote:

blackie1 wrote:

Will you get the loan and if so why, well lets see, 120K income 715 Fico, no BK or baddies, why on Gods green earth would you not get it??


Thanks for the post, and I hope people keep thme coming.

 

I would say that I have no Auto loan on my file. That is for sure strike 1. Plus, the car is almost half my income. I would think those would be red flags.


Not if you have $10-$15k to put down on the car. I would expect to get approved if you are only financing $29K. At that point, you should be aggressively negotiating price and interest rate.

I dont really have the 10-15k to put into a down payment. I would rather go zero down + the trade. 

 

Amex Gold (NSL) 9/12
Chase Freedom (2200) 5/12
Citi Thank You Pref. (7000) 4/12
USAA AMEX (4000) 11/12
BOA VISA SIG CASH (5000) 12/12
Amex Gold Small Biz (NSL) 11/12
Moderator

Re: Up or down??


texaspete2012 wrote:

bahbahd wrote:

texaspete2012 wrote:

blackie1 wrote:

Will you get the loan and if so why, well lets see, 120K income 715 Fico, no BK or baddies, why on Gods green earth would you not get it??


Thanks for the post, and I hope people keep thme coming.

 

I would say that I have no Auto loan on my file. That is for sure strike 1. Plus, the car is almost half my income. I would think those would be red flags.


Not if you have $10-$15k to put down on the car. I would expect to get approved if you are only financing $29K. At that point, you should be aggressively negotiating price and interest rate.

I dont really have the 10-15k to put into a down payment. I would rather go zero down + the trade. 

 


Something doesn't sound right. If you are making the income you posted - than putting down $15k+ given the expenses you mentioned shouldn't be an issue. If the income is new, then wait a couple of months and you will have the savings.  I'm thinking about DTI, what are your ratios with and without the potential auto loan? I think you will have a difficult time getting a loan of this size with zero down (just the $4k trade) and no auto loan on your cr report. JMO.

Established Member

Re: Up or down??


StartingOver10 wrote:

texaspete2012 wrote:

bahbahd wrote:

texaspete2012 wrote:

blackie1 wrote:

Will you get the loan and if so why, well lets see, 120K income 715 Fico, no BK or baddies, why on Gods green earth would you not get it??


Thanks for the post, and I hope people keep thme coming.

 

I would say that I have no Auto loan on my file. That is for sure strike 1. Plus, the car is almost half my income. I would think those would be red flags.


Not if you have $10-$15k to put down on the car. I would expect to get approved if you are only financing $29K. At that point, you should be aggressively negotiating price and interest rate.

I dont really have the 10-15k to put into a down payment. I would rather go zero down + the trade. 

 


Something doesn't sound right. If you are making the income you posted - than putting down $15k+ given the expenses you mentioned shouldn't be an issue. If the income is new, then wait a couple of months and you will have the savings.  I'm thinking about DTI, what are your ratios with and without the potential auto loan? I think you will have a difficult time getting a loan of this size with zero down (just the $4k trade) and no auto loan on your cr report. JMO.


My total cc debt is $3000, my  credit limits add up to $10200. So my utilzation is roughly 30%. I would rather not put 15k up front currently. I want to buy a house in the next two years and I am building savings. 

Amex Gold (NSL) 9/12
Chase Freedom (2200) 5/12
Citi Thank You Pref. (7000) 4/12
USAA AMEX (4000) 11/12
BOA VISA SIG CASH (5000) 12/12
Amex Gold Small Biz (NSL) 11/12
Moderator Emeritus

Re: Up or down??

You can get the car with no problem. For the best rates do a small secured loan for 6 months before you get the car; the inatallment history will boost your auto enhanced fico.

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