topic Re: Auto Loan Do I Qualify in Auto Loans

Auto Loan Do I Qualify

nycplayboy78 — Wed, 17 Feb 2016 01:46:26 GMT

Hey Everybody...

I am looking to purchase a new 2017 Cadillac XT5 in May 2016 I have already put $1K down to secure the order. After building it at my local dealer with all my options the price came out to $65K. Here is a snapshot of my credit situation below:

Credit Score: 700-723 (I expect it to go up 40-50+ points. I only have a balance on 1 credit card and two loans paid off February 2016 but haven't been reflected on credit report yet)

AAoA: File is 11 years old. AAOA is 5 years?

# of positive trade lines: 8 Credit Cards. ($28,650 Limit between the eight) (As of 2/16/2016 I have a balance of $2,390 out of $12,000 on the one card I carry a balance on so my credit utilization is roughly 8%)

# of negative trade lines: 2 - State Tax Lien (For $2500, which was reported in 2008 and paid in 2010) - HP INQ (Jan 2016)

Income: $235,000

Length of Employment: 20 years

Previous Loan Experience: GM Financial, Lincoln/Ford Financial, and Wells Fargo Auto

Debt-to-Income (DTI): $3500 a month. 18% (Does this include my mortgage payment if so then I pay $3,000 a month for mortgage. This include my mortgage, utilities, cell phone, cable, water, and insurance (which I pay full every 6 months).

Year of Car: 2017

Miles: 0

Purchase/Refinance: Purchase

Requested loan term (XX Months): 60 Months. will consider 72 if ABSOLUTELY Necessary.

Down payment amount: $15,000

Co-borrower/Co-Signer: None

Other: Pulled from myFICO 3B Report (12/18/2015)

EQ TU EX

CREDIT HISTORY 11 Years 11 Years 11 Years

TOTAL ACCOUNTS 25 23 23

CURRENT ACCOUNTS 25 23 23

PAST DUE ACCOUNTS 0 0 0

REVOLVING ACCOUNTS 13 14 11

INSTALLMENT ACCOUNTS 11 8 10

MORTGAGE ACCOUNTS 1 1 1

OTHER ACCOUNTS 0 0 0

COLLECTIONS 0 0 0

PUBLIC RECORDS 1 1 0

NEGATIVE INDICATORS 2 2 2

EQ FICO 8 (2/16/2016) - 700

EQ FICO Auto Score 8 - 700

TU FICO 8 (2/14/2016) - 723

TU FICO Auto Score 8 - 680

EX FICO 8 (2/11/2016) - 720

EX FICO Auto Score 8 - 728

I plan on using TrueCar to help me get an idea on how to negotiate the price for my new car. I am a member of USAA, PenFed, and Northwest FCU. I am also a AAA member and an American Express card holder since 1997. I am thinking that I should begin securing financing around mid-April 2016 for a pick up date in May 2016. What are your thoughts and/or suggestions on this matter?

Re: Auto Loan Do I Qualify

EddieK — Wed, 17 Feb 2016 01:45:10 GMT

Looks like you'll have no issues. As for financing, since you're going new, I'd do dealer financing, Cadillac almost always runs 1.9% promos, but mostly those rates are for 36 month loans. If they're not running something like 0.9 or 1.9 for a 60 or 72 month term that you're looking for, a CU would be the best option.

Re: Auto Loan Do I Qualify

nycplayboy78 — Wed, 17 Feb 2016 01:48:57 GMT

Thanks Eddie

I have read on the threads about how great DCU is. I will try them out as well as PenFed and USAA as well as Northwest FCU and if the dealer can beat them with 0.9% or less for 60 or even 72 months then I am a FULL GO...

Re: Auto Loan Do I Qualify

Bankrupt2019 — Wed, 17 Feb 2016 01:51:18 GMT

I'd say your %110 good to go.

I sure do hate buying depreciating assets........

Re: Auto Loan Do I Qualify

nycplayboy78 — Mon, 22 Feb 2016 18:01:38 GMT

Well you need transportation...LOL...HAHAHAHA

Re: Auto Loan Do I Qualify

Anonymous — Mon, 22 Feb 2016 18:46:21 GMT

@Bankrupt2019 wrote:
I'd say your %110 good to go.

I sure do hate buying depreciating assets........

Thus a perk in life when you are making good money you can afford to spoil yourself a little bit even though it is indeed a depreciating asset.

Re: Auto Loan Do I Qualify

sccredit — Tue, 23 Feb 2016 00:51:34 GMT

I see no issue from my side. You should be solid.

Re: Auto Loan Do I Qualify

Anonymous — Wed, 24 Feb 2016 07:35:14 GMT

You will be fine with financing. I wouldn't put 15000 down. God forbid if you take it off lot and total it your out 15000. If possible finance full amount and get gap through your insurance company