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DTI when auto financing

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atxhunter
Valued Member

DTI when auto financing

Does anyone know what lenders are generally looking for in DTI for an auto loan? Trying to figure out if I'm within the range to have 2 auto loans.
Message 1 of 4
3 REPLIES 3
Tuscani
Moderator Emeritus

Re: DTI when auto financing

Every lender is different.
Message 2 of 4
atxhunter
Valued Member

Re: DTI when auto financing

Is there an average between lenders to use as a guiding point? I want to know if I'm close to qualifying before they start running the inquiries.
Message 3 of 4
Anonymous
Not applicable

Re: DTI when auto financing

Over 50% is really difficult, even if your credit is stronger than death. You will most likely be paying high rates if approved. Low 40% is about as high as they like to see. It is the whole package they look at though. If you have been managing a 55% DTI for two years and you are trading in for a car with the same payment as your existing payment it makes them more likely to overlook high DTI.
Message 4 of 4
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