topic Re: Given the current economic climate.... in Auto Loans

Given the current economic climate....

Anonymous — Tue, 17 Mar 2009 16:37:11 GMT

I make $5000 per month. House loan and all other bills are in my wife's name, and also come out of her income. ($6000/month) Her scores are not the greatest (around 650), so I'd like to get an auto loan in my name only. My score are right around 700 from all three bureaus. I have one CC with 40% Util, and that payment is $120/month. That's my only debt, so DTI is really good. Have had 2 car loans, most recent one was paid off about 3 years ago, never late. Only baddies are 2 lates on CC's (one 30 day, and one 60 day). Will I have a problem getting auto loan financing in today's market?

Re: Given the current economic climate....

Anonymous — Tue, 17 Mar 2009 17:40:59 GMT

Thats just it, in today's market who knows. Last summer I was able to buy a BMW with scores in the mid-500's. I put over half down on the car though.

I have seen some stories on this forum that Chrysler turned a guy down with scores in the 700's, and he was going to put $10k down on a $29k car.

So as always YMMV, and you won't know until you try.

Re: Given the current economic climate....

Anonymous — Tue, 17 Mar 2009 18:29:58 GMT

Also, the lates were 2 years ago, and I have $5000 to put down.

Re: Given the current economic climate....

Anonymous — Tue, 17 Mar 2009 19:55:29 GMT

I have half your income and have your scores and I got financed through Ford Credit.

Re: Given the current economic climate....

Anonymous — Wed, 18 Mar 2009 03:13:57 GMT

that is very hard to believe.

Re: Given the current economic climate....

Anonymous — Wed, 18 Mar 2009 16:11:46 GMT

@Anonymous wrote:
that is very hard to believe.

Why?

Score is not the end all be all.

income stability, housing stability, length at job, relationship history at the lender- there are many factors that influence a loan.