Auto Loan Options

[Anonymous]

HEY GUYS! 

I am new to this forum! 

Nice to meet you all  

I m trying to get an auto loan now! 

but I tried several, such as capital one, wells fargo etc. 

they all denied me.. 

and there are some of other app still pending : 

OCCU

DCU

USBANK

CHASE

my fico score : around 650 (due to some inquiries and new acct opened in last 3 months)

AAoA : 6 months. 

longest account history: 2 years. 

Income from oversea : 85,000 (Self-Employed)

loan amount : 21000

downpayment + trade in value : 5000 + 16000

Is there any auto loan from any soucres that are easier to get? 

I will go to the dealership and see if they have a good rate as well.. 

Appreciate for your input in advance  

[Remember0]

Welcome to the forums!

Your score is a 650 and the only "bad" things on your credit report are a few inquiries and new accounts?

Regardless, please fill this out for me (I understand you've answered some of them), but just repeat yourself if necessary:

Credit Score (if you pull it):

AAoA:

Age of oldest account on report:

# of positive trade lines:

# of negative trade lines:

Describe any baddies on report:

Income:

Lenght of Employment:

Self Employed (yes/no):

Previous Loan Experience:

Debt-to-Income (DTI):

Utility (balance/credit available) on credit cards:

Year of Car:

Miles:

New Car Purchase Amount BEFORE down payment or any trades:

Requested loan term (XX Months):

Cash Down payment amount:

Trade-In? If yes, KBB Good Trade-In Value and Current Balance of loan, if any?

Co-borrower/Co-Signer:

Other:

Also please explain the nature of your income. I'm sure every lender will be just as curious. Overseas income? Are you not living in the 50 United States at the moment? Also are you a US citizen or permanent resident?

[Anonymous]

Credit Score (if you pull it): All 3 are around 650 ~ 680

AAoA: 6 months

Age of oldest account on report: 2 years  

# of positive trade lines: 9 credit cards

# of negative trade lines:

Describe any baddies on report: around 6~8 inquiries on each report

Income: 85,000 (From Oversea Family Business)  4,000 ( From a part time job)

Lenght of Employment: 1 year

Self Employed (yes/no): 

Previous Loan Experience: none 

Debt-to-Income (DTI):

Utility (balance/credit available) on credit cards: 20% (but the balance is always higher on the cr becoz I always pay it 2 days before the due date)

Year of Car: 2014 

Miles:0

New Car Purchase Amount BEFORE down payment or any trades: 40,000

Requested loan term (XX Months): 48

Cash Down payment amount: 4,000

Trade-In? If yes, KBB Good Trade-In Value and Current Balance of loan, if any? 16,000

Co-borrower/Co-Signer:

Loan Amount: 20,000

Other: 

Sorry for the confusion!! I am a permanent citizen with a F-1 student visa. I believe I will be able to get the H1B visa next year. I am in the States right now. 

For the nature of my income comes from my family business in other countries. They wire transfer money to me in every month. I can show my bank statement or the wire transfer to the bank / credit unions, but I just do not have a paystub or tax documents to show them. 

Thank you in advance!! 

[Remember0]

Okay, so you're going to have a problem I'm predicting.

Couple issues:

1) The Visa. I know you say you'll get a H1B soon, but banks don't care. When does your current visa expire? Most banks won't lend beyond the expiration date in my experience. Plus it's a student visa which will trigger income verification at most banks, bringing us to 2

2) Without tax returns in your name documenting business income, there's no way it'll pass an income verification. The 4k part time income will not suffice for any auto loan of any sort virtually. Some banks do accept bank statements, but I predict the student status will complicate that if they figure out you have a student visa. A dealer maybe able to get you through with bank statements, though.

You can try calling DCU and seeing what they say while hoping they don't ask to verify your income. I suppose there's a chance they don't ask for income verification, but I'd say it's slim. What do you have to lose anyways? Call them Monday during business hours and say you want to buy a car soon and were hoping they could give you a decision as soon as possible.

Also keep in mind you want to buy a 40k car. There's a lot of decent new cars you could buy (say an Accord) for 20k and you wouldn't even need a loan. If DCU doesn't work, try a dealer and see what they can do for you.

But as far as I can see, getting a car loan is going to be very difficult/almost impossible due to the two factors I detailed above. You can try to get your FICO up by paying off all your cards BEFORE the statement cuts (except 1 card that should report 10% of its balance), but I still don't think it'll work.

Out of curiosity, why can't you just save the 20k extra you need over the next let's say 6 months? I mean it seems you're getting nearly 90k per year in money that you aren't paying taxes on (hopefully you don't legally have to pay taxes on this money, but I'm not going to go there)...not sure what sort of expenses you have, but if you really want that 40k car, I'd start saving.