topic Re: Approval odds in Auto Loans

Approval odds

BigK1995 — Sun, 12 Mar 2023 22:39:07 GMT

Hello knowledgeable ppl of myfico. I am needing to get a newer vehicle because mine is unreliable and rwd which I can not have with my job as calling out due to weather is not an option. Some facts my cs as follows 738 ex as of 3/8/23, eq is 753 as of 2/17/23,tu 746 as of 2/17/23. My oldest account is around 18 or 19 months old and newest is from August of last year. I'm looking for trucks around the 20,000 price range and found one I really want. My income is kind of hard to determine as I am part time at 2 different employer's but best guess is between 35-50k for this year depending on how much i work, unless I'm hired full time in which case first year annual will be mid 60s. I have the money to buy the truck in cash but it would completely drain my savings

So I am looking to finance probably 8 or 10k. So around a 10-12k down-payment. I currently live with family and do not pay rent so I guess my dti would be 0%?

No negative marks on my credit.

If anymore info is needed I will be glad to provide it.

Re: Approval odds

fury1995 — Sun, 12 Mar 2023 22:57:31 GMT

@BigK1995 wrote:
Hello knowledgeable ppl of myfico. I am needing to get a newer vehicle because mine is unreliable and rwd which I can not have with my job as calling out due to weather is not an option. Some facts my cs as follows 738 ex as of 3/8/23, eq is 753 as of 2/17/23,tu 746 as of 2/17/23. My oldest account is around 18 or 19 months old and newest is from August of last year. I'm looking for trucks around the 20,000 price range and found one I really want. My income is kind of hard to determine as I am part time at 2 different employer's but best guess is between 35-50k for this year depending on how much i work, unless I'm hired full time in which case first year annual will be mid 60s. I have the money to buy the truck in cash but it would completely drain my savings
So I am looking to finance probably 8 or 10k. So around a 10-12k down-payment. I currently live with family and do not pay rent so I guess my dti would be 0%?
No negative marks on my credit.
If anymore info is needed I will be glad to provide it.

A couple of quick questions.

Do you have a relationship with any local banks/credit unions?

Is you income documentable? Meaning, you have taxes taken out by your employer.

What State for registration?

Re: Approval odds

JoeRockhead — Sun, 12 Mar 2023 23:35:37 GMT

If you're not getting normal paychecks with paystubs or some kind of earnings statements from your employer(s) that lenders will accept as POI... that may be a hassle, but otherwise with your scores and sizable down payment you should have little problem getting an approval from someone.

Re: Approval odds

CreditCuriosity — Mon, 13 Mar 2023 00:54:45 GMT

I can't think of the last time i have been asked for POI when financing a vehicle. If it is your first financed then maybe, otherwise I don't forsee an issue with you scores asking for POI although put what you honestly think you will bring in. 20k for a car doesn't sound like to much or unreasonable. Try to stay at 48 or 60 months if possible or shorter

Re: Approval odds

BigK1995 — Mon, 13 Mar 2023 01:28:08 GMT

I currently have a US bank account and capital one account where the majority of my money goes. Although I would prefer going through a credit union because I hear they generally have better rates.

Yes my income is taxed I have pay stubs for proof of income. I am a Paramedic and in that field you normally have to start as part time and earn a full time position. That's why I work 2 part time jobs.

Vehicle will be registered in Missouri. Sales tax is 8.8% for my town

Re: Approval odds

BigK1995 — Mon, 13 Mar 2023 01:29:33 GMT

Both jobs are w2 positions with paystubs. Only reason I said pay varies is because I don't have like a set amount of hours, I pick up as much as I want. I may work 3 24s one week and then work 2 12s the next

Re: Approval odds

BigK1995 — Mon, 13 Mar 2023 01:31:21 GMT

It would be my first financed vehicle, I have always just paid in cash before now. And yeah id perfer 36-48 months and hopefully pay it off much sooner then that

Re: Approval odds

Creditplz — Mon, 13 Mar 2023 05:08:16 GMT

Without any doubt I can see a auto approval! look at rates from CU's and enjoy your new car!

Re: Approval odds

BigK1995 — Mon, 13 Mar 2023 15:37:02 GMT

Awesome I will update everyone once I pull the trigger and on a loan if I qualify or not

@Creditplz wrote:
Without any doubt I can see a auto approval! look at rates from CU's and enjoy your new car!

Re: Approval odds

fury1995 — Tue, 14 Mar 2023 00:28:00 GMT

@BigK1995 wrote:
Both jobs are w2 positions with paystubs. Only reason I said pay varies is because I don't have like a set amount of hours, I pick up as much as I want. I may work 3 24s one week and then work 2 12s the next

@BigK1995

You will have no issues getting an approval based on what you've stated. What you will be looking for now is the best terms you deserve based on your circumstances. All of these check the boxes for qualifiers.

5 years in the bureau

Scores in the mid 700's

$35K to $50K documentable income

No other monthly obligations

50% down / 50% equity

You are only financing up to $10,000. Most conventional lenders will finance this. Some have minimums but you should be good to go. Check Capone Auto Navigator for a SP prequalifier. They are collateral based and extend terms on mileage and year. If you;ve already checked with your local lender, post what terms they have and I'll quote your payments here (include your State for tax).

Re: Approval odds

BigK1995 — Tue, 20 Jun 2023 19:51:06 GMT

I check all of those boxes but the 5 years of history. I actually ended up waiting a bit longer then expected because I was working so much I did not have time to truck shop. Now I'm more looking into truck around the 30k price range. I could still pay cash but do not want to because I would then not have an emergency fund. Will probably put between 15-20 down depending on total price. A truck im extremely interested in is just below 32,000. Sales taxes in my area is 8.8%