Applied for auto-loan with NFCU, got denied. Waiting for their letter. Can I re-apply or recon?

[CCWarrior]

I applied for 80,000$ car-loan which is out of the door price including all the taxes and fees from the dealership.

I indicated my household income, which is about 215,000. My personal income is about 150K.

My questions are, can I get recon or a new application for a lower amount, if I put in like 10-20K down-payment

on my new truck, without getting a new inquiry? What do you think is the reason for denial?

When asked over the phone or messaging system, they just say to reapply, without saying any reason for denial.

My Equifax FICO is around 773, TU is 750 and Experian is 736.

They did check Equifax.

Credit use is around 7% + 40,000 personal loan + 36,000$ previous car loan that is paid down to 12k

Thank you!

[TheFIGuy]

I'm curious, I don't see why NFCU would have declined you. Do you have anything negative on your reports or high DTI? Also, NFCU likes relationships do you bank with them?

[Caardvark]

Hard to diagnose without knowing more about your situation but, I strongly suspect it's your DTI. 

What are your monthly payments for:

• Your personal loan
• Your other auto loan
• credit cards
• mortgage/rent

[TheFIGuy]

Wouldn't Student Loans count towards DTI also Caardvark?

[Brian_Earl_Spilner]

Any reported debt counts.

[TheFIGuy]

Brian_Earl_Spilner or Canrdvark,

Does NFCU count the total student loans or the monthly payment? Stupid question I know!

[Brian_Earl_Spilner]

---

@TheFIGuy wrote:
Brian_Earl_Spilner or Canrdvark,

Does NFCU count the total student loans or the monthly payment? Stupid question I know!

---

DTI is typically your monthly payments divided by your gross monthly income.

[Anonymous]

Of course your adverse action letter should clarify but do you know if they have a Max payment or finance amount because that may be the reason.

[CCWarrior]

Sorry I could not respond in time. Basically what happened is that they called and left voicemail regarding their need of my tax returns. I did not check it and 10-12 days later it was auto-denied. No letter, nothing. So now I decided to pay down my personal loan and credit card balances and apply with dealership. Do you think that refinancing will be easier then getting new loan from NFCU?