Member
codax85
Posts: 19
Registered: ‎04-13-2011
Re: Auto loan advice from an Underwriter

First of all thank you very much for this, you are helping a lot of folks out with your insight.

Here is my situation:

I'm 27 but have not a very substantial credit history, with only credit cards (AAOA is around 2 yrs, with oldest tradeline about 3.5yrs). I currently have 3 credit cards, one with a 9000$ limit, another with a 3000$ limit and the last one with 1500$ which I pay in full every month. My income is around 56k/yr (W-2 employee) and my wife makes 32k/yr. My wife has a credit situation similar as mine, just a couple of credit cards, but both she and I have no blemishes on the report. I know my scores are over 720, with Experian FICO being the highest one (hovers around 750-760). Rent is 1450 a month, and we have no other debt.
We are looking at purchasing a second car in the next few months (the one we own we bought cash a few yrs ago), and we were looking for some in the 29-33k range before taxes. We are expecting to put down 5-7k of downpayment, both to get a lower interest and monthly payment.
Should we realistically expect an approval (we were thinking of applying jointly) for a loan that should come out to be 25-28k in total, or our lack of car loan history will hurt us?
Thanks again for your help!