Best providers for 60-70k auto loans

[Anonymous]

Just like the title says. I am looking to buy a car in the coming months but the loan will likely be 60-70k. I will probably have a cosignor for Tier 1 but wanted to see if it was even possible somewhere to do it on my own. Myfico shows auto with TU as my best option at 618 currently. Not really sure why its so low... I have 2 good standing leases in my name (one with Infiniti and one I opened in July with Honda) and multiple closed paid auto loans reporting.

Other pertinent DPs

Fico 8s EQ 655, TU 641, EX 659

income 80k

I don't pay rent since I live with family so my only current bills are the 2 auto leases, one of which will be traded and my CC's which are pretty minimal.

Thanks in advance!

[Anonymous]

Most captive lender's will do loan's for that amount, Ally, GM Financial, Ford Motor Credit, Wells Fargo, US Bank, Chase, etc.

US bank doesn't do co-signer deal's so that wouldn't be an option, but any of the other's would be, in addition to the dozen's of other's I didn't list.

Personally I would reach out to a local credit union, or any of the other lovely credit union's often mentioned on this forum. Have you had comparable past loan's to the one you seek? (ie; have you had any other form of installment loan's with a comparable estimated payment to the one you are looking to obtain? This will most likely be the biggest underwriting hurdle to overcome, in addition to other factors such as DTI/PTI.)

[Anonymous]

---

@Anonymous wrote:

Most captive lender's will do loan's for that amount, Ally, GM Financial, Ford Motor Credit, Wells Fargo, US Bank, Chase, etc.

US bank doesn't do co-signer deal's so that wouldn't be an option, but any of the other's would be, in addition to the dozen's of other's I didn't list.

Personally I would reach out to a local credit union, or any of the other lovely credit union's often mentioned on this forum. Have you had comparable past loan's to the one you seek? (ie; have you had any other form of installment loan's with a comparable estimated payment to the one you are looking to obtain? This will most likely be the biggest underwriting hurdle to overcome, in addition to other factors such as DTI/PTI.)

---

Thanks for the reply.

This will actually be the largest payment I have ever had. I am not too worried about DTI because I don't have any rents/mortgages  (live with family) at the moment and my credit card debt is minimal however I am paying for 2 leases (totaling about 940/month) right now. My car, and infiniti (630/mo) and my father in laws Accord for 310/mo. 

I always lived by the rule of keeping my car payment under 25% of my net take home income which right now would mean I can support about 1300~ or less. I obviously wouldn't want to pay that much for a single loan so depending on pricing of the car, I would like to keep both leases under that amount.

[Anonymous]

As stated above, any captive lender will loan out 60k-70k no problem. I just purchased a new vehicle and Toyota Financial lent out $116k for myself. Most credit unions will as well, but your best bet will be through the dealer's captive.
Your scores aren't phenomenal, but they're not bad. What lenders are really going to be looking at is comparable auto credit on your profile. If the only auto credit you have is a 15k auto loan you paid on well for 12 months you can kiss an increase like that goodbye.

[Anonymous]

Hey there Kantide. I was also reading through your rebuild thread. So please forgive if this is getting off-topic for this thread.

Is it still your goal to maybe buy a home in the next few years? I know since you live at home right now you don't have too much concern about a big car payment and DTI. But it could make a big difference if/when you do go for a mortgage. Just something to keep in mind.

[CA4Closure]

I bought my 2019 Ford F-150 Raptor with Ford financing. Normally these trucks do not get a zero percent financing 60 month payment. I put $25k cash down and financed $42,000 through Ford. I told the dealer I know he is trying to get rid of his stock and every day that car sits on his lot it will cost him money. The MSRP was $74,000 fully loaded> I got it for $67,000!

In 1987 I bought my Porsche 911 Turbo brand new at $88,000 financed that purchase through a community bank that has since been bought out by Bank of America. That loan was for $40,000. 

[Anonymous]

---

@Anonymous wrote:
As stated above, any captive lender will loan out 60k-70k no problem. I just purchased a new vehicle and Toyota Financial lent out $116k for myself. Most credit unions will as well, but your best bet will be through the dealer's captive.
Your scores aren't phenomenal, but they're not bad. What lenders are really going to be looking at is comparable auto credit on your profile. If the only auto credit you have is a 15k auto loan you paid on well for 12 months you can kiss an increase like that goodbye.

---

Thanks for the feedback.

I probably should update that thread as a lot has changed since the last one.

I still plan on getting a house/condo but not until all my negatives completely fall off (which is more like 2023). I still want to see what kind of deal I can get in 2021 though so we will see. Also, I want to wait for the Honda lease to be closed. My total reported loan at that time should only be the new loan. I am probably going to wait until the used values drop a little more as I am aiming for a 50k loan ideally and it will be the only one reporting since I will no longer have the Honda and Infiniti I have now.

My main concern was primarily that since my income is good (75k from my full time job and 10-20k from my side business each year) that my fico auto scores will be the killer. 

They are stuck at about 600 regardless of my actual scores and I don't really know what to do about it. When we got the Honda they pulled me at 610 on experian. We got a good rate since it's in both me and my baby mommas name and her auto score was about 690. (she's a little ahead of my rebuild with her scores in the low 700s). I would not want this new loan to report on her credit as her income is not as good as mine and it would tank her DTI.