Frequent Contributor
Hammer23
Posts: 428
Registered: ‎01-21-2012
Re: Auto loan advice from an Underwriter

SEACOASTNHMAN wrote:

what are the key factors that lenders are looking for to give a approval for a loan ?

 

thanks

 


Everyone has heard of the 4 Cs of credit. Credit, Capicity, Collateral, and Charcter.

 

What I Iook for is 3 of the 4 to be present. If the Credit is less than perfect, what does the other 3 look like. 

 

Each case is different, you want to do your best to present yourself in the best light. It starts with situational awareness. A customer with poor credit looking to purchase a $40K unit with no money down and $35K per year in income, does not present well to an underwriter. 

 

The same customer looking at a $20K unit with $1-$2K down presents better because the customer appears to be aware of their budget. 

 

 

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