Auto Loan Chances?

[Anonymous]

Hi, anyone know what my chances are of getting approved for an Auto Loan? It would be a joint loan between my wife and myself (both law students). Our scores are 725 and 719 respectively. We are looking for a car around $20k. We both get about $19,000 (each) in living expenses over law school tuition, etc. In addition, I made 14k this summer and we will both work during the school year making around $1400 per month together. Our rent is $2022 per month. 

In addition, we have $1500 for a downpayment and a car that should trade in for $3,000 ($4500 private retail). Thank you! 

Sorry, in addition I have four credit cards, AMEX ($12,000 limit) with $200, VISA ($12,000 limit) with $0, VISA ($10,000) with $148.00, and Cap1 ($1000 limit) with $0. 

[krickyk]

I don't have much advice but the problem I'm facing is that none of my financial aid, or living expense money through loans and scholarships, wil be counted as income so my debt-to-income ratio is so bad that it is completely offsetting my otherwise good credit. I haven't actually applied anywhere but have talked to my credit union and a few dealer finance departments and the response wasn't good.

I recently finished law school and passed the bar exam but  I went right into a graduate program (I haven't committed to a finding a full-time job yet as my husband is still in school full-time and we have 3 young children). I'm told that I have 0 income as a student without current employment. Granted, you will be earning something but it is far less than your rent, aside from any other expenses you may have. I'm in the same situation. My debt-to-income ratio is the hold up for me (mortgage/rent, credit card payments on one side and 0 income on the other). Although, if I could actually count my financial aid, my debt-to-income ratio would be about 28%, so I could swing a car payment.  I already included full insurance as I never downgraded it when I paid off the car. I went all through law school making a 300/mo. car payment and paid it off in my last year (go figure, paid it off and the car starts falling apart, needs an engine rebuild now and the mechanic says it isn't worth it). I'm being told I need a cosigner with good credit and an income that is high enough to overcome my debt and my cosigner's debt.

I hope someone has advice for you as I think it will help me too. I'd appreciate hearing if you figure out a way to get financed.