740 FICO score, car loan?

[ssd_guru]

I've got an EQ score of 740 and make 41k a year, I'd like to know what a CU or dealership might approve me for as far as a loan. I don't have anything to pay off currently other than around 3k in revolving credit (30k total, about 10% usage), car insurance, and a phone bill. I'd like to know what amount I might be approved for.

I've read many discussions that state you shouldn't pay more than 20% a month for a car payment, meaning at 60 months, the loan would be the same amount as one's salary. 20% sounds a little high but I'd like to know if a loan for that (41k) is actually possible with a great rate. I'm looking to get a loan for around 30k.

Any insight is greatly appreciated. Thanks!

[llecs]

I'm no expert on car loans, but I'll take a stab. Do you have a housing payment?

[ssd_guru]

No housing payment. What I listed above is all I'm currently responsible for.

[Anonymous]

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@iconvincemei wrote:

I've got an EQ score of 740 and make 41k a year, I'd like to know what a CU or dealership might approve me for as far as a loan. I don't have anything to pay off currently other than around 3k in revolving credit (30k total, about 10% usage), car insurance, and a phone bill. I'd like to know what amount I might be approved for.

I've read many discussions that state you shouldn't pay more than 20% a month for a car payment, meaning at 60 months, the loan would be the same amount as one's salary. 20% sounds a little high but I'd like to know if a loan for that (41k) is actually possible with a great rate. I'm looking to get a loan for around 30k.

Any insight is greatly appreciated. Thanks!

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You want to get preapproved by your CU.  Depending on which Bureau your CU pulls your score may vary significantly or not.  I know with my CU you would probably get 1.99% with your score and I can see you getting a preapproval somewhere at or below $36,000.00 for  upto 72 mos.

[susserman]

I sell cars and it sounds like you'd be fine, do you have any preious auto loans? and what is your high credit?

[Shogun]

Looks good to me!  30K sounds reasonable and doable.  Good luck!

[ssd_guru]

No previous auto loans, as far as high credit, I'm not sure what you mean.

Highest Card Limit:

$8,000

Highest I've gotten my usage to (estimate):

$20-25k

Current Usage:

Around 20% (6K), but it'll be down to 10% (3K) in the next month. I'm thinking of paying the 10% slowly just to have some activity.