Will I qualify for auto loan?

[alexak]

Dont mean to hijack this thread, but didn't think creating a new thread for the same question was a appropriate either. 

I'm in the same boat, in the market for a newish car, not sure what I can qualify for.

Credit Score: 658

AAoA: 1.7 years

# of positive trade lines: 6

# of negative trade lines: 2 ( last derog 2+ years old; both accounts are closed)

Income: ~$30k

Lenght of Employment: 3.5 years

Previous Loan Experience: none

Debt-to-Income (DTI): less than 20%

Year of Car: 2011-2012

Miles: under 40k

Purchase/Refinance: purchase

Requested loan term (XX Months): 48-60 mos

Down payment amount: ~$5000

Co-borrower/Co-Signer: none

Other:

Purchase price of desired car: $18-21k

[09Lexie]

OP,

I started a new thread for you, changed the title but nothing else.  Feel free to revise the post/title.

This way, members can respond to your situation

~Lexie

[alexak]

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@09Lexie wrote:

OP,

I started a new thread for you, changed the title but nothing else.  Feel free to revise the post/title.

This way, members can respond to your situation

~Lexie

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Thank you!!

[Luscher]

try with a CU, only because you have negatives on your report and have no co-signer

[alexak]

That's my plan. Hoping to get approved for around 14-15k.

Would those lates (on 2 separate cc's) from 2.5 years ago hurt me that bad still? I got an alert recently from myFico stating that they weren't hurting my score as much any more.

[alexak]

Another question: Im an AU on my moms BOA card and it had a 5,000$ balance and a 21,000$ limit. Do I factor that in to my DTI? Is that balance going to hurt my chances of getting approved for a loan?

[09Lexie]

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@alexak wrote:

Another question: Im an AU on my moms BOA card and it had a 5,000$ balance and a 21,000$ limit. Do I factor that in to my DTI? Is that balance going to hurt my chances of getting approved for a loan?

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If it appears on your CR's you are going to have to factor that bal in.  

[alexak]

Ok. Do I factor in the entire balance vs my income or just the minimum monthly payments on my cc's?

[09Lexie]

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@alexak wrote:
Ok. Do I factor in the entire balance vs my income or just the minimum monthly payments on my cc's?

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The min monthly pyt.  If you are in front of the F&I guy, you can explain that it's your Mother's account.  If he/she has Sony kind of sway with the lender, it might help.