large auto loan

[Anonymous]

Another "will I be approved" thread...

Credit Score: 720s

AAoA: ~7.5 years, longest being 10 years

# of positive trade lines: 15

# of negative trade lines: 0

Income: 200k/year

Length of Employment: 7 years at current job

Previous Loan Experience: no mortgage, only previous auto loan of ~20k

Debt-to-Income (DTI): ~20%

Credit utilization: 1-3%

Year of Car: 2014-2015

Miles: new

Purchase/Refinance: purchase

Requested loan term (XX Months): 60-72

Down payment amount: $10-15K

Co-borrower/Co-Signer: can include my wife, makes 150k/year

Essentially looking to finance 70-75k, with down payment filling in the rest (total cost of car 80-85k).  My concern is lack of previous auto loans (only one), and certainly lack of a previous large auto loan.  Looking to get the best rates possible but I realize it may not happen.  I could add my wife as a co-signer but the only thing she would contribute would be added income as she has only financed one car loan in her past as well (10K).  Think I would need a bigger down payment, or would the overall income be enough?  What kind of rates to expect if approved at all?

Lastly, would this level of financing be better served at the dealer or bank/CU?  Thanks in advance. 

[Anonymous]

Is the previous auto loan closed? If so, that will establish you had a good payment history and were able to succesfully pay off one car.

With that level of income you should be easily able to get in approved now with that credit score they may or may not give you Tier 1 rates.

I would cross-shop the financial services of the dealer versus some CUs and then use that to your advantage during negotiations.