Hi all! Writing my first post and wanted to share some data points that might be helpful for someone else for a recent auto loan request I made as well as seek some advice. It was with Clean Energy Federal Credit Union. I am trying to finance an $85,500 vehicle loan for an elctric vehicle with $11,000 down payment. I have been working on rebuilding my credit over the last few years and while my credit score is still a work in progress (came from low 510's to mid to high 600's, see data points below) , I think I have the employment history as well as income to support the loan from an underwriting stand point ( I know there are many factors). My company is giving me a $25k paid stipend for an elecrtic vehicle over a few years + my $146k income and $29k of additional income. The challenge is I have a thin credit profile for my age even though my credit history is somewhat long. I requested a $74,500k 72 month loan from CECU and they came back and countered with a 40k loan at 7.19% APR for 72 month term, and gave the reason of a thin credit profile. They did a HP of my TU FICO 8 score and my score came back as 667. My worst baddies are from 5 late payments on my Chase Saphire Card ...4 from 2018 + 1 from mid 2019 that appear on all my reports and 2 closed installment loans that I paid off in full...1 in full no lates and 1 in full 2 lates from 2017... only appear on my TU reports, and 5 closed installment loan accounts ...2 paid in full on time and 3 closed derogratory 0 balance appearing only on Experian. Because of this I was trying to avoid Experian pulls specifically as its the only report with closed derog accounts.
I have always lived minimally and in a major city so I have never financed a vehicle and have only have a few cards. I'm a child of immigrants and was raised to never take out credit cards or loans that you don't need. My parents later regretted giving this after realizing and building their own wealth, that you need credit to get good credit. Anyway, I went with this credit union because they specialize in financing for EV's which obviously typically cost more most than gas vehicles and I thought my chances would be better in getting a larger loan amount. I expected to get a higher APR do to my current score,thin profile, and first time financing status but dissapointed about only getting a portion of the loan request. Any suggestions of other Credit Unions that would be good to try given the below data points for an EV, that I would have a chance getting the full $74,500 and maybe a better APR? Has anyone had a similiar experience with comparable credit score? Worth trying DCU with Fico 5 Mortgage Score of EQ 655? Penfed, Navy or any other bank or CU with below scores, or is this just a no go? Greatful for any thoughts or advice.
Age: 35 YO
Income: $146k
$25k company stipend towards vehicled paid over time
$29k of additional Income
CL: $16,250
Credit Cards - Chase Saphire - $12,000, Apple Card (New not yet reporting) - $1,500, Capiltal One Platinum Card - $2,750
AAO: 9 yrs 4 months
CU: 59% CU
DTI: 15%
HP's: TU 1, EX 2, EQ 0
Fico 8 Scores: EQ 632 , TU 667 , EX 644
Fico 9 Scores: EQ 603, TU 636, EX 591
Fico 8 Auto Scores: EQ 651 , TU 645, EX 657
Fico 9 Auto Scores: EQ 608 , TU 631 , EX 597
Fico 5 Mortgage: EQ 655
Vantage 3.0: EQ 606 , TU 699
Goal Score: 760 across board
Rental Length - Current Residence - 3 years 4 months
Rent: $1,600
No mortgage
Employment length - Current Employer - 1.5 years
Previous Employer - 4 years
Length of Employment - 13 + years
