Chase preapproved me for $50k (as high as their pre-approvals go without talking to someone on the phone) despite my mid-600's FICO score and string of baddies trailing my 26-month clean streak. I see no problems with you getting approved. There would have to be some glaring issue for you NOT to get approved with your scores, like the vehicle price exceeds your annual income or something crazy.
My approval was approaching 1/3 of HH income and I was surprised to see a pre-approval at all, let alone at that price range. Beware, though, dealers will jerk you around with the heartbreaker, FICO Auto Score product, which scores look very low in comparison to the Bankcard scores. I personally would never even APPLY for dealer financing unless it was a manufacturer 0% offer and I stood the chances to receive it. If they're not, check out PenFed for one of the EASIEST auto loan apps you've ever done.
@aleayce527 wrote:
I plan on purchasing a new Lexus RX 350 in April and I'm wondering if my odds of approval are good. My FICO score 8 from Experian is 781 and auto 8 score is 795. I've had 4 auto loans previously with excellent payment history. AAOA is 3 years 7 months. My income fluctuates because I work PRN and on paper I only make 28-30k but my true income is 50-53k a year. My credit utilization is 3% with 88k available credit.
I'll be putting 5k down but trading in a vehicle with about 7k negative equity. My most recent loan was financed for 33k @ 4.3% and that's the vehicle I'll be trading in. I don't pay for housing and my only other debt is 12k in student loans and about 3k in cc.
Am I likely to get approved?
