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Valued Member
Josh611
Posts: 47
Registered: ‎06-27-2014
0

Will I qualify for a loan?

[ Edited ]

Credit Score: Not sure. This will be my 6th month of history so will be purchasing my Fico through here shortly

AAoA 7 months at time of loan ( 3y 5m counting an AU card)

# of positive trade lines: 2 of my own, 1 AU

# of negative trade lines:0

Income:~12k

Lenght of Employment: 10 months

Previous Loan Experience: None

Debt-to-Income (DTI):0%

Year of Car: 2011 or 2012

Miles: 60000

Purchase/Refinance: Purchase

Requested loan term (XX Months):60

Down payment amount:2000-3000

Co-borrower/Co-Signer: Possibly, rather get it on my own

Other: Purchase price ~$10k

 

Have never missed a payment and have always PIF. Current Util is 6%

 

CL's are $400, $401, $5000 (AU)

 

Inq's are as follows

EQ 7

TU 6

EX 4

 

No recent ones though. All were from when I had no idea what credit was. Some will be close to 1 year old or more at time the loan.

 

Thanks in advance for any insight

 

Current FICO Scores EQ 721, TU 731, EX 729
AMEX BCE $4,400, Capital One Secured $801, Kohl's Charge $700
Established Contributor
SamsungHDTV
Posts: 566
Registered: ‎10-25-2011
0

Re: Will I qualify for a loan?

You will probably get declined based on income alone. Most lenders have a minimum income requirement of around 20k.

 

I suggest a co-signer.

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
Remember0
Posts: 1,288
Registered: ‎02-12-2014
0

Re: Will I qualify for a loan?

Yep, Samsung's comment is spot on. Is that 12k income gross (ie pre-tax) annual income? And if it is pre-tax annual income, you'd need a cosigner at almost all lenders (that I know of).

As I am very busy with work these days, I am participating in the forums less than I would like to. Please feel free to email me directly remembermyfico //at// gmail /dot/ com if you would like me to respond to a specific question you have.
Established Contributor
IamB2
Posts: 547
Registered: ‎12-05-2013
0

Re: Will I qualify for a loan?


Remember0 wrote:

Yep, Samsung's comment is spot on. Is that 12k income gross (ie pre-tax) annual income? And if it is pre-tax annual income, you'd need a cosigner at almost all lenders (that I know of).


+1

Most lenders will require you make at least $1600/month pre-tax. ($19,200/year). At 12K you will more than likely need a cosigner.

FICO® EQ 696 (10/10/14); TU08 691 (10/10/14); EX: 696 (10/10/14) - Last app 06/06/14; Inquiries in the last 2 yrs TU: 11; EQ: 11; EX: 12




Starting Scores: 590s on 12/2013. Hover over card image to view details! *After Amex approvals - Gardening!*
Valued Contributor
Remember0
Posts: 1,288
Registered: ‎02-12-2014
0

Re: Will I qualify for a loan?

I'll note that Santander Consumer's minimum is 1.2k/month (still 14.4k pre-tax) when one applies through a dealer to SCUSA. But that will likely be paired with a high interest rate.

As I am very busy with work these days, I am participating in the forums less than I would like to. Please feel free to email me directly remembermyfico //at// gmail /dot/ com if you would like me to respond to a specific question you have.

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