Re: Auto loan advice from an Underwrite
10-21-2012 08:42 PM
what are the key factors that lenders are looking for to give a approval for a loan ?
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.
Starting Score: 650
Current Score: TU 684 / EX 671 / EQ 624- Lender Pull
Goal Score: 725
Take the FICO Fitness Challenge