Reply
Established Member
texaspete2012
Posts: 61
Registered: ‎04-27-2012
0

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.

 

 

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
Valued Member
blackie1
Posts: 36
Registered: ‎06-26-2012
0

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
Epcot
Posts: 2,784
Registered: ‎10-10-2012
0

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?

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 809 EX 774 TU 805
App free since 4/11/13
Established Member
texaspete2012
Posts: 61
Registered: ‎04-27-2012
0

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
BOA VISA SIG CASH (5000) 12/12
Amex Gold Small Biz (NSL) 11/12
Established Member
texaspete2012
Posts: 61
Registered: ‎04-27-2012
0

Re: Up or down??

[ Edited ]

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
bahbahd
Posts: 731
Registered: ‎08-12-2011
0

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
texaspete2012
Posts: 61
Registered: ‎04-27-2012
0

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
Community Leader
Senior Contributor
StartingOver10
Posts: 4,082
Registered: ‎03-06-2010
0

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
texaspete2012
Posts: 61
Registered: ‎04-27-2012
0

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
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

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.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+