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


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. 



WF Home Projects Visa $8500 / Towpath CU Visa $7000 / Chase Freedom Visa $5500 / Cap 1 QS Visa Sig $5000 / Barclaycard Ring MC $5000 / GE Lowes $5000 / Citi Best Buy MC $4250 / Barclaycard Rewards Visa $4000 / BFG CU Visa $3500 / Citi Sears$3000 / WF Visa $2000 / GE Walmart $1900 / GE Care Credit $1900 / GE Amazon $1400 / Cap 1 Kohls $1000 / GE Old Navy $800 / Webbank Fingerhut $700