https://ficoforums.myfico.com/t5/Auto-Loans/How-much-can-i-get-approved-for-on-a-new-car-loan/m-p/4741916#M67982 I am trying to get approved for a hellcat loan. Although i have a short credit history i have purchased and paid off 2 motorcycle loans as well as managing a few credit cards (only used for bumping up credit history). I make decent money, making payments is not an issue. One loan was for 12k and the other for 4k. Both paid off within a year. And i have managed 4 credit cards for a year. I am looking to make a down payment of around 12 thousand. That would mean financing up to 60k i make around 52 thousand a year and i live in my parents old home so this loan would be my only bill (besides the 4 credit cards which would be zeroed out before applying for the loan) I have only had credit history for about a year and a half. Is this possible to get a 60k loan? Thu, 08 Sep 2016 03:10:17 GMT Anonymous 2016-09-08T03:10:17Z https://ficoforums.myfico.com/t5/Auto-Loans/How-much-can-i-get-approved-for-on-a-new-car-loan/m-p/4741916#M67982 I am trying to get approved for a hellcat loan. Although i have a short credit history i have purchased and paid off 2 motorcycle loans as well as managing a few credit cards (only used for bumping up credit history). I make decent money, making payments is not an issue. One loan was for 12k and the other for 4k. Both paid off within a year. And i have managed 4 credit cards for a year. I am looking to make a down payment of around 12 thousand. That would mean financing up to 60k i make around 52 thousand a year and i live in my parents old home so this loan would be my only bill (besides the 4 credit cards which would be zeroed out before applying for the loan) I have only had credit history for about a year and a half. Is this possible to get a 60k loan? Thu, 08 Sep 2016 03:10:17 GMT https://ficoforums.myfico.com/t5/Auto-Loans/How-much-can-i-get-approved-for-on-a-new-car-loan/m-p/4741916#M67982 Anonymous 2016-09-08T03:10:17Z https://ficoforums.myfico.com/t5/Auto-Loans/How-much-can-i-get-approved-for-on-a-new-car-loan/m-p/4742060#M67988 <P>Dealer will like $12,000 down!</P><P>At your income you have $1,733 a month to use for debt payments. (assumes goal of below 40% DTI)</P><P>&nbsp;</P><P>New Hellcat $70,000 + Tax (9.5%, you may pay less) = $76,650 - $12,000 down = $64,650</P><P>Payment on $64,650 @ 2.74% for 72 months is $974.77 a month (for SIX years)</P><P>This assumes you would qualify for this rate, hard to say with current history (you made no mention of scores?)</P><P>&nbsp;</P><P>This leave only $759 for all of your other bills in the eyes of creditors who like to see your DTI below 40%.</P><P>Insurance.... Not sure about your age, driving record etc.&nbsp;</P><P>&nbsp;</P><P>I recommend that you dream away but leave this one alone. Now would be a great time to really make a difference and prepare for the future. Stash as much cash as you can for the future. (getting off soap box) It is your money and life and ultimately your decision. Good luck and welcome to the forums!&nbsp;</P> Thu, 08 Sep 2016 11:53:54 GMT https://ficoforums.myfico.com/t5/Auto-Loans/How-much-can-i-get-approved-for-on-a-new-car-loan/m-p/4742060#M67988 Appleman 2016-09-08T11:53:54Z