2nd car loan

[longclimbback]

My wife makes about 30k a year. Take home of about $1950 a month. She has 1 car loan of $372 per month and a $106 student loan payment. No cc debts or monthly payments for them. No other obligations on credit reports. Fico's of 800 across the board. If she was trying to get a second vehicle with a payment of around $400 a month, what are the odds she'd be approved without me as a joint applicant. Is there a DTI % they use for second vehicles? Thanks.

[Anonymous]

Do you rent or own? If you rent is apartment in both names, if you own I take it she is not on the mortgage? Her DTI with what you have listed would be well under 45% ($1125) which is what most banks will lend to for a collateralized loan such as an auto loan. Banks will also use gross income, not take home pay to make this calculation. This is assuming she falls into the best risk tier for the particular lender. This is why it can pay to take out the loan with your main bank if they are offering competitive rates as they will use their internal score to help decide what risk level she is on top of info contained in CR.

Background - 6 years in banking, including personal & business credit training, since majoring in Finance.

[longclimbback]

We own. We use a small local bank for our mortgage. When we refinanced a couple years ago, they mysteriously left all the new info off her credit reports. Anyways if she can get a new truck financed for me, it will leave me clean for some upcoming business purchases. It will have to be from a different bank than what we use. They aren't competitive with auto loans. Her current loan is from kia motor financing. 24/72 payments made. She got the best available rate at the time.