2nd Car loan Chances

[Blitz1030]

My car just died and I need to get another one.  Issue is I just financed my husbands in May 2020.  Owe 36k on that one a 48k value car.  

My income is 125k base plus 40k in bonuses annually.  But I haven't been at my employer but a year so I don't think the bonus is usable.  Husband is on disability and his credit is not very good.

Fico auto 8 scores are eq 668, tu 702, and ex 650.  But fico 4 auto are eq 645, tu 680, and ex 584.  No clue why the experian one is so low.  All reports show the same thing.

Debt on credit:

-36k auto note

-100k in school notes with a payment of $780 monthly.  

-28% use on 10k revolving credit

Only baddies are 4 late payments from 2+ years ago on student loans.  Otherwise exceptional payment history.  

We rent and that is $1200 per month.  

What are my chances?  I really don't want to go dinging my credit that I worked so hard to fix.  

Was hoping to buy a house but a car is more needed.  

[Gmood1]

Have you tried any prequals? My guess is you'll be fine. 

Try Cap one, Carvana or other soft pull pre-approvals and see what they give you rate wise.

You'll have no problem getting financed. Just don't allow them to rip your head off in the process.

What lender financed the first vehicle? Member of any large credit unions or banks? Chase also has some sort of SP pre-approval for auto loans. 

[Blitz1030]

Cap one is my 1st car loan.  Carvana prequal came back good for 25k. Just dont know if i would get killed in underwriting. 

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@Gmood1 wrote:

Have you tried any prequals? My guess is you'll be fine. 

Try Cap one, Carvana or other soft pull pre-approvals and see what they give you rate wise.

You'll have no problem getting financed. Just don't allow them to rip your head off

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[Shooting-For-800]

Try Cap One Navigator.

If prequaled call them and verify keeping other car.

[ccquest]

I'd say pretty good odds. Going off some rough assumptions, I'd put you around 25-30% DTI which still leaves plenty of room. Just be careful on the interest rate you get.

[Blitz1030]

My first loan is CapOne.

I called Carvana about the prequalification and they said that it takes the other loan into consideration and that I shouldn't have an issue. 

[incognitony]

Carvana approved me for a 4th auto loan. They don't care,they own the finance company.