topic Re: Loan approval odds in Auto Loans

Loan approval odds

Whatthadeal — Sun, 09 Feb 2025 00:08:51 GMT

Looking to get that 25 4runner limited comming out. What are my chances of full financing the car. Car should be 60-65k. Should i wait to improve my score more or good to go? I had a few late payments that are 1 year-3 year old. Last 1.5 years all on time payments and this one 500$ credit line in collection i just paid off because my account was close but never inform i still have balance in.

Credit Score:

fico auto 8

EQ - 676

TU - 676

EP - 669

Income:150k

Lenght of Employment: 3 yrs

Previous Loan Experience: no auto loan before

Debt-to-Income (DTI): 11%

Year of Car: 2025 toyota 4runner limited

Miles: 0

Purchase/Refinance: finance 65k

Requested loan term (XX Months):72+

Down payment amount:0

Co-borrower/Co-Signer: no

Re: Loan approval odds

JoeRockhead — Sun, 09 Feb 2025 12:18:00 GMT

Not knowing the severity of the late payments and based just on your scores, you should be able to get an approval... The rate is likely to be not so great. The iffy part is whether or not they'll do the zero down. That's really going to depend on who the lender is.

A larger down payment generally always ensures better terms, and increases approval chances.

Being you paid the collection account off, I'd inquire with them about removing it from your reports... maybe they will... its worth a shot.

Re: Loan approval odds

MauiMan85297 — Fri, 21 Feb 2025 17:33:53 GMT

Did you pull the trigger on the 4runner yet? Like previous poster stated, depending on the late/s Toyota Financial should approve this loan but I'd be thinking 8-10% rate based on 72 mos. With no previous auto they may be looking for you to put down at least TTL.