Hello knowledgeable ppl of myfico. I am needing to get a newer vehicle because mine is unreliable and rwd which I can not have with my job as calling out due to weather is not an option. Some facts my cs as follows 738 ex as of 3/8/23, eq is 753 as of 2/17/23,tu 746 as of 2/17/23. My oldest account is around 18 or 19 months old and newest is from August of last year. I'm looking for trucks around the 20,000 price range and found one I really want. My income is kind of hard to determine as I am part time at 2 different employer's but best guess is between 35-50k for this year depending on how much i work, unless I'm hired full time in which case first year annual will be mid 60s. I have the money to buy the truck in cash but it would completely drain my savings
So I am looking to finance probably 8 or 10k. So around a 10-12k down-payment. I currently live with family and do not pay rent so I guess my dti would be 0%?
No negative marks on my credit.
If anymore info is needed I will be glad to provide it.
@BigK1995 wrote:Hello knowledgeable ppl of myfico. I am needing to get a newer vehicle because mine is unreliable and rwd which I can not have with my job as calling out due to weather is not an option. Some facts my cs as follows 738 ex as of 3/8/23, eq is 753 as of 2/17/23,tu 746 as of 2/17/23. My oldest account is around 18 or 19 months old and newest is from August of last year. I'm looking for trucks around the 20,000 price range and found one I really want. My income is kind of hard to determine as I am part time at 2 different employer's but best guess is between 35-50k for this year depending on how much i work, unless I'm hired full time in which case first year annual will be mid 60s. I have the money to buy the truck in cash but it would completely drain my savings
So I am looking to finance probably 8 or 10k. So around a 10-12k down-payment. I currently live with family and do not pay rent so I guess my dti would be 0%?
No negative marks on my credit.
If anymore info is needed I will be glad to provide it.
A couple of quick questions.
Do you have a relationship with any local banks/credit unions?
Is you income documentable? Meaning, you have taxes taken out by your employer.
What State for registration?
If you're not getting normal paychecks with paystubs or some kind of earnings statements from your employer(s) that lenders will accept as POI... that may be a hassle, but otherwise with your scores and sizable down payment you should have little problem getting an approval from someone.
I currently have a US bank account and capital one account where the majority of my money goes. Although I would prefer going through a credit union because I hear they generally have better rates.
Yes my income is taxed I have pay stubs for proof of income. I am a Paramedic and in that field you normally have to start as part time and earn a full time position. That's why I work 2 part time jobs.
Vehicle will be registered in Missouri. Sales tax is 8.8% for my town
Both jobs are w2 positions with paystubs. Only reason I said pay varies is because I don't have like a set amount of hours, I pick up as much as I want. I may work 3 24s one week and then work 2 12s the next
It would be my first financed vehicle, I have always just paid in cash before now. And yeah id perfer 36-48 months and hopefully pay it off much sooner then that
Awesome I will update everyone once I pull the trigger and on a loan if I qualify or not
@Creditplz wrote:Without any doubt I can see a auto approval! look at rates from CU's and enjoy your new car!
@BigK1995 wrote:Both jobs are w2 positions with paystubs. Only reason I said pay varies is because I don't have like a set amount of hours, I pick up as much as I want. I may work 3 24s one week and then work 2 12s the next
You will have no issues getting an approval based on what you've stated. What you will be looking for now is the best terms you deserve based on your circumstances. All of these check the boxes for qualifiers.
5 years in the bureau
Scores in the mid 700's
$35K to $50K documentable income
No other monthly obligations
50% down / 50% equity
You are only financing up to $10,000. Most conventional lenders will finance this. Some have minimums but you should be good to go. Check Capone Auto Navigator for a SP prequalifier. They are collateral based and extend terms on mileage and year. If you;ve already checked with your local lender, post what terms they have and I'll quote your payments here (include your State for tax).