topic Re: Need some advice about second car with low income in Auto Loans

Need some advice about second car with low income

Anonymous — Tue, 25 Nov 2014 22:00:33 GMT

My situation is somewhat complicated

Here is the background, I am going to trade in my car as down payment(20k) for a new one next month. It likely I’m going to apply for 50K, Our taxable income is 43k/year (including my wife as a co-signer if necessary). I own a store in my home country which is making 40k/year, but I can’t prove it with document in English (I have bank online statements but it’s from a bank in my home country).

This is my second car, I paid off my first one in 11 months (8K). My FICO score is 707 (EQ)

Can I get approve? Or what should I do to get approve?

Any advice will be extremely appreciate.

Sorry for my bad English.

Re: Need some advice about second car with low income

Anonymous — Tue, 25 Nov 2014 06:50:30 GMT

What sort of expense's/debts are against that $43k/y? If you are debt free and own a home, with $20k down you won't have any issues getting a loan. If you pay high rent and are in debt, then it will be more difficult (also I would then advice against a $70k vehicle).

Re: Need some advice about second car with low income

Anonymous — Tue, 25 Nov 2014 06:58:25 GMT

i don't have any debt and the rent is free (my boss pay for it)，do i need to tell them this when i apply the loan?

Re: Need some advice about second car with low income

Anonymous — Tue, 25 Nov 2014 22:26:49 GMT

@Anonymous wrote:
i don't have any debt and the rent is free (my boss pay for it)，do i need to tell them this when i apply the loan?

They will see that you don't have any debt from your credit report. They will ask about housing. Just tell them housing is provided by your employer.

How long is your credit history?

I think you have a shot at the loan. Check with your primary bank. Explain the loan and the amount down, see if they will pre-qualify you. That gives you some negotiation ground before entering the dealer.

Re: Need some advice about second car with low income

Anonymous — Tue, 25 Nov 2014 21:29:28 GMT

@Anonymous wrote:

They will see that you don't have any debt from your credit report. They will ask about housing. Just tell them housing is provided by your employer.

How long is your credit history?

I think you have a shot at the long. Check with your primary bank. Explain the loan and the amount down, see if they will pre-qualify you. That gives you some negotiation ground before entering the dealer.

sadly, my credit history just hit one year next month.

I am bank with WellsFargo, and my fiest car was financed by WellsFargo DealerServeice, i will try to talk to them.

thank you so much for the advices

Re: Need some advice about second car with low income

Anonymous — Tue, 25 Nov 2014 22:27:29 GMT

@Anonymous wrote:
@Anonymous wrote:
They will see that you don't have any debt from your credit report. They will ask about housing. Just tell them housing is provided by your employer.
How long is your credit history?
I think you have a shot at the long. Check with your primary bank. Explain the loan and the amount down, see if they will pre-qualify you. That gives you some negotiation ground before entering the dealer.

sadly, my credit history just hit one year next month.

I am bank with WellsFargo, and my fiest car was financed by WellsFargo DealerServeice, i will try to talk to them.

thank you so much for the advices

Good luck! Let us know how it goes and the rate you end up with

Re: Need some advice about second car with low income

Anonymous — Fri, 28 Nov 2014 05:38:02 GMT

Update:

Tried apply online, some CU and banks

Instantly denied: CAP 1, BOA, up2drive

Pending: Wells Fargo, DCU, Light Stream

Approved: Road Loans (20K@18%)

tommorow I will try to talk to some loan officer face to face.

Re: Need some advice about second car with low income

sports1965 — Fri, 28 Nov 2014 16:00:50 GMT

$43000 income. $70000 car? Yikes!!!!

Re: Need some advice about second car with low income

Gunnar419 — Fri, 28 Nov 2014 16:24:26 GMT

@sports1965 wrote:
$43000 income. $70000 car? Yikes!!!!

My first thought exactly, but OP are you actually saying you have $43k reported joint income in the U.S. plus $40k overseas income that you aren't reporting?

Re: Need some advice about second car with low income

Anonymous — Sat, 29 Nov 2014 00:46:18 GMT

@Gunnar419 wrote:
@sports1965 wrote:
$43000 income. $70000 car? Yikes!!!!
My first thought exactly, but OP are you actually saying you have $43k reported joint income in the U.S. plus $40k overseas income that you aren't reporting?

yes, since i am not citizen of US, i don't have to report that part.

Re: Need some advice about second car with low income

Anonymous — Sat, 29 Nov 2014 00:50:13 GMT

Update:

Seems not any lender will be available for me, I ask too much.

Denied by all of them.

Re: Need some advice about second car with low income

Anonymous — Sat, 29 Nov 2014 02:54:34 GMT

@Anonymous wrote:
Update:

Seems not any lender will be available for me, I ask too much.

Denied by all of them.

Sorry to hear that. Maybe look at a less expensive car?

Re: Need some advice about second car with low income

Anonymous — Sat, 29 Nov 2014 21:25:12 GMT

@Anonymous wrote:
@Anonymous wrote:
Update:

Seems not any lender will be available for me, I ask too much.

Denied by all of them.
Sorry to hear that. Maybe look at a less expensive car?

Update:

Gave up the cayenne, got a BMW X5.

Financed by GM Financial, I put total 22500 down payment, 600per month, 72months, and 5% rate.

Re: Need some advice about second car with low income

pontevecchio — Sat, 29 Nov 2014 23:25:45 GMT

This may be off topic." yes, since i am not citizen of US, i don't have to report that part." If you are a legal permanent resident you still have to pay taxes on worldwide income unless there are relevant tax treaties tro avoid double taxation. Congrats on your BMW.

Re: Need some advice about second car with low income

Anonymous — Sun, 30 Nov 2014 01:28:50 GMT

@pontevecchio wrote:
This may be off topic." yes, since i am not citizen of US, i don't have to report that part." If you are a legal permanent resident you still have to pay taxes on worldwide income unless there are relevant tax treaties tro avoid double taxation. Congrats on your BMW.

Actually I'm not permanent resident either, I work here legally with work visa, the guy who takes care of our tax stuff, he said that I don’t have to report any oversea income by law. I pay my tax of that part in my home country.

btw: I don't lika tax evader either, same as you guys.