Frequent Contributor
Posts: 428
Registered: ‎01-21-2012
Re: Auto loan advice from an Underwriter

jimmynic wrote:

First and foremost, thanks for offering the help!

I want to buy myself an optima, 2011-2013 (new model) I have no previous auto loans, I have one installment loan of 8,000 that was paid off in 3 months from getting it, I'm planning on buying the car during tax season, I have 5 tradelines, a total credit limit of 7950 plus my Amex which has no preset limit. (Not sure if that matters), I only make 22K a year, the car is roughly 19,000-25000.. I would lease if need be, my scores are in the high 680s and low 700s with nothing bad on my report, no lates, charge offs, nothing! Will my income ruin my chances if the car cost more than my annual income? my total debt per month is 650, I have 3500 down if needed. Are my chances very low? ThanKs again! 


Ps sorry if there's any misspelled words or punctuations, typing on my Iphone. 

Your income won't disqualify you alone. Your other debt will be looked at to make sure you can afford the payment. With your scores you should qualify for the promo rates through Kia I would think. Leasing should be an option as well. 

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