topic Re: New Dodge Ram financing in Auto Loans

New Dodge Ram financing

Anonymous — Thu, 04 Jul 2019 03:47:27 GMT

I’m looking to purchase a new $50k Dodge Ram for my business. I’m currently only grossing around $40k annually. I’m hoping someone can shed some light regarding approval odds and advice on what direction I should go. I know 98% of the time credit Unions will give better rates but in my situation, I’m not confidence they’ll approve me due to my income. I don’t know who dodge finances through but more than likely I’d get approve with a higher rate. Anyone know what scores the dealer pulls?

Re: New Dodge Ram financing

Anonymous — Thu, 04 Jul 2019 22:34:52 GMT

the dealer sent me a link for a pre-approval. Is this a hard pull? Also, any chance I can take that pre-approval to a different dealership to see who could give me a better rate?

Re: New Dodge Ram financing

Anonymous — Fri, 05 Jul 2019 16:56:05 GMT

I think you will have a hard time getting approved for a 50k auto loan with your current reported income. Most lender's will typically have a max PTI of 18% which in your case would be 600/Mo max payment. Even with a 4% rate at 84 month's (I strongly suggest avoiding an 84 month term especially on a new vehicle, and a dodge at that) you wouldn't qualify based on PTI limits. Why not look for something cheaper that would be more affordable on paper, until you grow your business and income? You can find a quality, pre-owned truck much cheaper than 50k, while using the money you save in order to re-invest into your business to grow it.

Re: New Dodge Ram financing

Anonymous — Fri, 05 Jul 2019 18:15:59 GMT

Thank you for the feedback. I can lease a new 3500 for .21 cents a mile but I’ll be driving around min 10k miles a month which would put me at $2,100 min a month. I wanted that extra $6-$1000 put back into the business. I’d be comfortable paying around $1,200-$1,400 a month for 48 months but it’s up to the bank. A lot of dually’s in the $30k range already have well over 60k+ miles

Re: New Dodge Ram financing

Anonymous — Fri, 05 Jul 2019 18:45:26 GMT

I suspect it will be tough to get done but dealerships only make money when they sell cars/trucks so they are highly motivated to get it done. What are your scores? Income is important but they will overlook income to some extent if you have great scores. The lower the scores the more important the income becomes because they are of course concerned with default risk.

I would suggest a good used dually with diesel powerplant. They can be driven several hundred thousand miles so 60,000 miles on diesel dually is just barely broken in really.

The dealer credit link will result in a hard pull.

Re: New Dodge Ram financing

Anonymous — Fri, 05 Jul 2019 18:55:10 GMT

Dealership stated it was a soft pull, of course they would.

I’m assuming they pull auto scores. Here’s my Fico auto scores:

5,4,2
726 734 704

8
746 761 717

9
785 760 766

Re: New Dodge Ram financing

Anonymous — Sat, 06 Jul 2019 03:51:22 GMT

Solid scores so you'll have much easier time. I would get a preapproval with Penfed or DCU, that will give you a good indication of what you can qualify for and then you can narrow your options from there.

Let us know how it all works out.

Re: New Dodge Ram financing

Anonymous — Sat, 06 Jul 2019 03:52:05 GMT

DCU uses mortgage 4 apparently. I read that somewhere around here.

Re: New Dodge Ram financing

Anonymous — Sat, 06 Jul 2019 04:04:56 GMT

I can’t remember but it was a year or two I was declined, too many inquiries. It was roughly around 5-6 inquires. Those since fell off but I have new ones so going pass with DCU.

I’ll keep you guys posted, if it’s not a new 19 maybe a new 18. Looks like a few dealers are offering 0% apr for 60 months so it’s something to consider but I’d rather pay the truck off within 36-48 months.

Re: New Dodge Ram financing

Anonymous — Sat, 06 Jul 2019 06:08:53 GMT

Anybody know when filling out the app, does it matter if I choose business or personal? The truck will be for business use but my business has no credit

Re: New Dodge Ram financing

Anonymous — Tue, 09 Jul 2019 18:36:54 GMT

It really depends on how your business is set up, is it a sole prop, LLC, etc?

If you are a sole prop, you don't really need to have much business credit as they will likely use your credit to base their decision. Typically all the paperwork is done in the businesses name, but for underwriting and reporting purposes they will use your credit history to base their decision, and report the loan to your personal credit.

Re: New Dodge Ram financing

Anonymous — Tue, 09 Jul 2019 18:51:18 GMT

It’s an LLC, I’d like to have it under the company name but it doesn’t have any credit. I’m not sure if it even matters, but it is going to be used commercially.

Re: New Dodge Ram financing

Anonymous — Thu, 11 Jul 2019 06:08:56 GMT

After browsing through the forum, I’m real hesitant now. Income is going to play a huge factor. If anyone would approve me, it’ll be them but with a high apr or huge down payment. If I don’t, I really don’t need all those inquires. I’m stuck...

Re: New Dodge Ram financing

Anonymous — Sat, 13 Jul 2019 03:20:06 GMT

ive been looking at the rams as well. if i were you, id do like me, and look at the used ones. ive found a 2019 ram 1500 that would save me $13-15k MSRP just because it has 20k miles on it. go to autotrader.com or cargurus.com and look for your specific make, model, etc. that you want and i bet youll find one. they lose $10k value as soon as they drive off the lot.

Re: New Dodge Ram financing

Anonymous — Sat, 13 Jul 2019 08:51:29 GMT

That’s where I’ve been looking for trucks. I can’t justify paying mid 40’s for a truck with 60k-80k miles though but looks like I have no choice. Workingfor850 did mention, that’s barely breaking it in. New Rams are in the mid $50’s-low $60’s. Yes, ideally I should be looking due to my income and that I drive a min of 10k miles a month with a 5th wheel(loads ranging from 10k-20k lbs) but it’ll be nice to go a year a little stress free other than the regular maintenance and having the added options for the working I’m doing.

Re: New Dodge Ram financing

Anonymous — Mon, 22 Jul 2019 03:53:13 GMT

ohh ok. i feel you on that. i figure ill get one, and around 200k ill have worked on my credit more to get a brand new truck, specially ordered. in due time though. itll take me a few years to get there. but one thing ive learned with credit or anything really, is, patience and hard work is key.

Re: New Dodge Ram financing

Anonymous — Mon, 22 Jul 2019 05:38:49 GMT

Dealership didn’t shot gun my inquires but did have them run it 3 times to see who could give me the best rate. It’s high but I figured with little money down and little to nothing income I was expecting that. 8% for 72 months, most likely will refi with my credit union. I could’ve received a lower apr but the lenders wanted a hefty down payment due to my income so settle for that rate. I’m a proud owner of a 19’ Dodge Ram 3500 dually! Thanks everyone!

Re: New Dodge Ram financing

Anonymous — Tue, 30 Jul 2019 05:27:38 GMT

Went to Unify to take out a personal loan. They found out I recently purchased a truck and with the same pull, they were able to offer me 4.99 for 60 months. I tried to negotiate for 48 months but DTI would be off the charts.

Re: New Dodge Ram financing

Anonymous — Fri, 02 Aug 2019 19:31:10 GMT

I would advise against getting such an expensive vehicle. You dont make enough to justify a $50k truck.

Re: New Dodge Ram financing

Anonymous — Fri, 02 Aug 2019 21:35:23 GMT

Thanks for your concern, I really appreciate. I’m venturing out into something new which should be more than enough to cover the expense of the truck. Just needed to get over this bump to get things going.