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is it easier to get approved.....

Frequent Contributor

is it easier to get approved.....

OK so I bought a new vehicle in june and like my house the boss has decided the car is not big enough so that has to go too. Im worried about approval after all the credit i have seeked latly (but been approved for). I currently have about 69k in installment loans (only debt currently) for two cars.  one for 40k one which is a lease. and then a 36 month installment for 29k. The new vehicle I would like to buy I plan to lease as well, and will only need to borrow about 20k for the life of the lease. I have never missed a payment on any loan, and the new loan im seeking will be about half as much as the current loan, will the bank see that like " he has been handling debt twice that much we have no problem since the lease is half as much" Or is it just a new lease to them and they wont care, and might say too many new loans in to short of time and deny me? Or give me a horrible rate. IM approx 700 across the board currently. I was 729 when I leased the car in june. IM trading in the vehicle that is leased for 40k on and seeking a new lease for around 20k.  Keeping the other one that has 29k owed, Its 0% though so I dont feel a need to pay it off.  Hate to have to do it, but with twins both of us in sports cars aint working. Thanks! 

Amex Platinum NPSL I Chase Sapphire Reserve 78K I JP Morgan Ritz 50k I I Barclay Black Luxury 43,750 I Capital One QuickSilver 40K I Amex BCP 34k I Amex Optima Platinum 30k I Chase Hyatt 30k I B of A Cash Rewards 30K I Barclays Arrival+ World E 29k I Chase Freedom 26,600 I Lowes 25k I Pen Fed PR Visa Sig 20K I Home Depot 17k I B of A Merrill Lynch 16,800 I NFCU Cash Rewards 8k

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Message 1 of 10
9 REPLIES
Valued Contributor

Re: is it easier to get approved.....

Income? DTI after new loan?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 2 of 10
Frequent Contributor

Re: is it easier to get approved.....

I really don't want to be specific on income if I don't have it, Its 6 figure if that helps. 

 

MY only debt is just the two cars really one of which will be traded. I have monthly expenses on my credit cards but they get paid off monthly, so about 10% on the cards. No mortgage yet. There will be when I close on my house, and that will be a hefty one. After the new loan maybe 20% in total. 

Amex Platinum NPSL I Chase Sapphire Reserve 78K I JP Morgan Ritz 50k I I Barclay Black Luxury 43,750 I Capital One QuickSilver 40K I Amex BCP 34k I Amex Optima Platinum 30k I Chase Hyatt 30k I B of A Cash Rewards 30K I Barclays Arrival+ World E 29k I Chase Freedom 26,600 I Lowes 25k I Pen Fed PR Visa Sig 20K I Home Depot 17k I B of A Merrill Lynch 16,800 I NFCU Cash Rewards 8k

Amex Biz Platinum NPSL I Lowes Business 42k I Amex Simply Cash + $22,500 I Chase Ink 21K I B of A World Points $20,500 I B of A Bus MasterCard 16k I Amex SPG 3K.
Message 3 of 10
Valued Contributor

Re: is it easier to get approved.....

If you are in the process for a mortgage, you don't want to add another auto loan.

 

Wait until after the mortgage to add the auto.

 

If you haven't started the mortgage and it is still at least a year out. Then you can add the additional auto loan assuming your income is more than sufficient to cover everything. The auto loan will reduce your pre-qual amount.

 

I don't know the details of the mortgage, but depending on where you live. A solid 6 figure income can be insufficient for a mortgage. So, you may want to be as free from debt as possible to ensure you can get the house you need. As in, if you haven't started the mortgage yet. You may want to get all the loans off your report and make sure all credit cards are free from balances.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 4 of 10
Frequent Contributor

Re: is it easier to get approved.....

I have already been pre approved for my loan at an amount about 500k more than I will need to close. I was approved on that with current loans withstanding. Since the new loan im seeking is for half the amount of the current loan, Wouldnt that in effect reduce the bebt to income? However its a new loan and I understand that hurts too. 

Amex Platinum NPSL I Chase Sapphire Reserve 78K I JP Morgan Ritz 50k I I Barclay Black Luxury 43,750 I Capital One QuickSilver 40K I Amex BCP 34k I Amex Optima Platinum 30k I Chase Hyatt 30k I B of A Cash Rewards 30K I Barclays Arrival+ World E 29k I Chase Freedom 26,600 I Lowes 25k I Pen Fed PR Visa Sig 20K I Home Depot 17k I B of A Merrill Lynch 16,800 I NFCU Cash Rewards 8k

Amex Biz Platinum NPSL I Lowes Business 42k I Amex Simply Cash + $22,500 I Chase Ink 21K I B of A World Points $20,500 I B of A Bus MasterCard 16k I Amex SPG 3K.
Message 5 of 10
Valued Contributor

Re: is it easier to get approved.....

How long until close? If you can wait, then you should wait.

 

Otherwise you should ask the loan officer.

 

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 6 of 10
Frequent Contributor

Re: is it easier to get approved.....

Its atleast late november until close, and thats only if my current house sells first. 

Amex Platinum NPSL I Chase Sapphire Reserve 78K I JP Morgan Ritz 50k I I Barclay Black Luxury 43,750 I Capital One QuickSilver 40K I Amex BCP 34k I Amex Optima Platinum 30k I Chase Hyatt 30k I B of A Cash Rewards 30K I Barclays Arrival+ World E 29k I Chase Freedom 26,600 I Lowes 25k I Pen Fed PR Visa Sig 20K I Home Depot 17k I B of A Merrill Lynch 16,800 I NFCU Cash Rewards 8k

Amex Biz Platinum NPSL I Lowes Business 42k I Amex Simply Cash + $22,500 I Chase Ink 21K I B of A World Points $20,500 I B of A Bus MasterCard 16k I Amex SPG 3K.
Message 7 of 10
Frequent Contributor

Re: is it easier to get approved.....

Approved no problem. CR pull showed 732 for equifax.  Ended up purchaseing instead of leasing, payments were close and having some equity to trade would be nice. Loan officer called today too and told me that he locked my mortgage for 60 days in at 3.75% apr. Banner day really, great way to start the month. Made a deal with the boss to let me keep my sports car and we trade her lexus in. So she got her new suburban, I keep my Bmw and everybody is happy! 

 

Amex Platinum NPSL I Chase Sapphire Reserve 78K I JP Morgan Ritz 50k I I Barclay Black Luxury 43,750 I Capital One QuickSilver 40K I Amex BCP 34k I Amex Optima Platinum 30k I Chase Hyatt 30k I B of A Cash Rewards 30K I Barclays Arrival+ World E 29k I Chase Freedom 26,600 I Lowes 25k I Pen Fed PR Visa Sig 20K I Home Depot 17k I B of A Merrill Lynch 16,800 I NFCU Cash Rewards 8k

Amex Biz Platinum NPSL I Lowes Business 42k I Amex Simply Cash + $22,500 I Chase Ink 21K I B of A World Points $20,500 I B of A Bus MasterCard 16k I Amex SPG 3K.
Message 8 of 10
Valued Contributor

Re: is it easier to get approved.....


awp317 wrote:

Approved no problem. CR pull showed 732 for equifax.  Ended up purchaseing instead of leasing, payments were close and having some equity to trade would be nice. Loan officer called today too and told me that he locked my mortgage for 60 days in at 3.75% apr. Banner day really, great way to start the month. Made a deal with the boss to let me keep my sports car and we trade her lexus in. So she got her new suburban, I keep my Bmw and everybody is happy! 

 


Does your loan officer know about the new purchase?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 9 of 10
Frequent Contributor

Re: is it easier to get approved.....

yes, all he said is to make sure I dont go over 45% debt to income with installment loans and im fine.

Amex Platinum NPSL I Chase Sapphire Reserve 78K I JP Morgan Ritz 50k I I Barclay Black Luxury 43,750 I Capital One QuickSilver 40K I Amex BCP 34k I Amex Optima Platinum 30k I Chase Hyatt 30k I B of A Cash Rewards 30K I Barclays Arrival+ World E 29k I Chase Freedom 26,600 I Lowes 25k I Pen Fed PR Visa Sig 20K I Home Depot 17k I B of A Merrill Lynch 16,800 I NFCU Cash Rewards 8k

Amex Biz Platinum NPSL I Lowes Business 42k I Amex Simply Cash + $22,500 I Chase Ink 21K I B of A World Points $20,500 I B of A Bus MasterCard 16k I Amex SPG 3K.
Message 10 of 10