Regular Contributor
Posts: 117
Registered: ‎10-20-2012
Re: Auto loan advice from an Underwriter


Thanks for the offer to try to give advice. Here's my situation:

in the spring (May or June) I am going to be looking to buy a new car. My current scores are 698, 702 and 715. I have never been late, nothing bad on my report other than high utilization on credit cards. Right now, I have 2 cards maxed out (but by end of May, will be at around 50%) and 4 store credit cards that have $0 balance w/ low limits. I have never had a car loan (always paid cash for cheap used cars). I make a little over $50k a yr. Hubby & I will be declaring about $140k for 2012. But my husband will not co-sign w/ me. He has own car loan and we actually keep our money pretty separate. I only pay utilities of $330/month and he pays everything else. As far as loans go, I have student loans and 1 Prosper installment loan. I've heard student loans don't help w/ car loans but I don't know about the Proper installment loan.

My question is do you think I would be able to get a car loan w/o a co-signer (and good interest rate) in May or June w/ 50% utilization on credit cards? The 2 major credit cards I have are Amex w/ $6k limit and Capital 1 w/ $5k limit. My credit is 9 years old. I'm looking at a $28k vehicle before taxes. I would rather have no or little down payment. Not a lease. 

Thanks for any advise you can give me.

Chase Sapphire Preferred. Amex Everyday. Chase United MileagePlus Explorer. Chase Southwest. Capital One QuickSilver. Bloomingdales. Macy's. Express. Victoria Secret.