topic Re: Why can't I get over 30k Auto Loan? in Auto Loans

Why can't I get over 30k Auto Loan?

sbmike — Mon, 15 Aug 2022 05:46:50 GMT

Credit Scores are all 750+ with my Experian being as high as 811.

My income is 142,000 gross yearly. Counting my bonus it's 156,000 and counting RSU's (idk if they count these) it's 180,000

I have never missed a credit card payment

My biggest & only loan is my student loans which I've never missed a payment on as well.

I have never taken out any other loan before - could this be the reason?

Also, in case this matters my longest credit account not my student loans in 3 yrs. Is it because I don't have enough credit to be trusted with more?

Does my own age come into consideration as well?

NFCU says I don't even meet their qualifications - They've denied me for student loan refinancing in the past too, idk what their deal is.

Re: Why can't I get over 30k Auto Loan?

FireMedic1 — Mon, 15 Aug 2022 10:23:54 GMT

Welcome @sbmike

Who denied you? Was it more than 1 lender?

Re: Why can't I get over 30k Auto Loan?

CreditCuriosity — Mon, 15 Aug 2022 11:46:45 GMT

Likely a term called sticker shock especially if you have never had a big loan or bigger auto loan.

Re: Why can't I get over 30k Auto Loan?

sbmike — Mon, 15 Aug 2022 13:50:39 GMT

I've had two so far Adelfi credit union and US Bank countered my ask for 50k to 30k.

Navy Federal just straight up denied me though.

Re: Why can't I get over 30k Auto Loan?

pizzadude — Mon, 15 Aug 2022 14:07:29 GMT

@sbmike wrote:
I've had two so far Adelfi credit union and US Bank countered my ask for 50k to 30k.

Navy Federal just straight up denied me though.

Agree with the comments above, you're likely being denied due to this being your first auto loan.

What interest rate did USB offer you with their approval ?

Re: Why can't I get over 30k Auto Loan?

sbmike — Mon, 15 Aug 2022 16:10:34 GMT

4.49 iirc and it was BMO not USB sorry, had USB in my mind for some reason.

Adelfi 2.6

Re: Why can't I get over 30k Auto Loan?

increasingmyfico — Mon, 15 Aug 2022 18:56:31 GMT

@sbmike wrote:
Credit Scores are all 750+ with my Experian being as high as 811.
My income is 142,000 gross yearly. Counting my bonus it's 156,000 and counting RSU's (idk if they count these) it's 180,000
I have never missed a credit card payment
My biggest & only loan is my student loans which I've never missed a payment on as well.
I have never taken out any other loan before - could this be the reason?
Also, in case this matters my longest credit account not my student loans in 3 yrs. Is it because I don't have enough credit to be trusted with more?
Does my own age come into consideration as well?

NFCU says I don't even meet their qualifications - They've denied me for student loan refinancing in the past too, idk what their deal is.

Your lack of experience is killing you there. What type of car are you looking to buy? How much cash do you have to put down?

Re: Why can't I get over 30k Auto Loan?

sbmike — Mon, 15 Aug 2022 19:07:25 GMT

I wanted a Tesla, I'm already putting down 18k to get it to 50k. But I might have to change that and get something else that's cheaper for my first car purchase. 🥲

Re: Why can't I get over 30k Auto Loan?

increasingmyfico — Mon, 15 Aug 2022 21:16:42 GMT

@sbmike wrote:
I wanted a Tesla, I'm already putting down 18k to get it to 50k. But I might have to change that and get something else that's cheaper for my first car purchase. 🥲

Buy something around $30k with a low depreciate curve. Keep it for 1-1.5 years and then upgrade to the Tesla. Maybe a $35k ride with $5k down. Keep the rest of your cash and put it to work.

Re: Why can't I get over 30k Auto Loan?

sbmike — Mon, 15 Aug 2022 22:37:20 GMT

Thanks for the advice, probably just going to do that. LA FCU has really low rates for 48 month financing so, I'll get something on the cheaper end so I can have some history of paying an auto loan.

Re: Why can't I get over 30k Auto Loan?

winner88 — Sat, 20 Aug 2022 09:53:46 GMT

Try DCU, lowest rate for EV. Got approved for lowest rate, never had a car loan or any loans for that matter (except $1k builder secured Loan).

$7500 tax credit for EV starts in January, something to consider if you can postpone your purchase a few more months.

Re: Why can't I get over 30k Auto Loan?

7774x — Sun, 21 Aug 2022 20:16:37 GMT

@pizzadude wrote:
@sbmike wrote:
I've had two so far Adelfi credit union and US Bank countered my ask for 50k to 30k.

Navy Federal just straight up denied me though.
Agree with the comments above, you're likely being denied due to this being your first auto loan.

What interest rate did USB offer you with their approval ?

Doubt reason being 1st auto loan .. I always paid cash for new auto buys in past ..hit economic holes.. .now..was PenFed approved with 1st ever auto loan ... $34,000.. circa 670 EQ at the time

Re: Why can't I get over 30k Auto Loan?

7774x — Sun, 21 Aug 2022 20:21:38 GMT

@increasingmyfico wrote:
@sbmike wrote:
I wanted a Tesla, I'm already putting down 18k to get it to 50k. But I might have to change that and get something else that's cheaper for my first car purchase. 🥲
Buy something around $30k with a low depreciate curve. Keep it for 1-1.5 years and then upgrade to the Tesla. Maybe a $35k ride with $5k down. Keep the rest of your cash and put it to work.

Buy Tsla stock /options ..relative traded Tsla for 8 months....went from $15,000 to $74,000 ...then purchased his Tsla ...the car