CU Auto Loan Approval Odds?

[Anonymous]

Hi,

I am looking for a 60K-75K car. I can do a down payment of up to 50k, but I would still prefer to manage the down as low as 35k.

My Pros:

High credit scores (750+ in all three credit bureaus), perfect payment history

My Cons:

Relatively low income (~30k) and short credit history (2yrs)

I am wondering what is my odd of getting auto loan approval from CUs like Penfed, assuming that I pay 50k down for a 75K car. I have no other debt so my DTI will be ~18% in this case if I got approved for a 60-month loan.

Thanks for any input!

[Anonymous]

You can rate shop since any auto inquiries will be combined for a short period

The second you take the car off the lot you're already underwater for 10-20% of its value. Imagine what it's like throwing away half of your paychecks for a year before going into it, because with that income you'd essentially be doing that.

[Shooting-For-800]

I dont want to offend you but...

do you think it is a good idea to buy a $75k car making $30k per year?

Do you have joint income you are not counting?

Any chance of 1 or 2 year old CPO for $20-30k less?

[Anonymous]

Thanks! Actually I am a French expat living in USA and most of my income is overseas. Translating and notarizing my overseas pay stub can be a daunting task, so I will only use my US income (~30k) to apply if this is possible.

[Shooting-For-800]

If you def dont want used, look into lease options also.  

[FeeBear]

Hey Nicole,

         Most banks will finance you if you drop 50K easily. The problem is if you finance 15K to 25K (assuming you front 50K) is going to look tight for you income to debt ratio. Can you give us an idea of what you have in monthly cost? You don't have to be specific (add up monthly rent/mortgage, utilities and credit card payments) if those add up to more than $1000/mth then they might give you a hard time. (I understand that you make money that you can't declare).

        Someone mention a lease, that might be a better option. We have an adage that says buy things that appreciate value and lease/rent those things that lose value over time.

Fee

[Anonymous]

Thanks a lot for all the info!

I live with my family so I don't need to pay rent. Other necessities cost like $700 per month in total. I do not worry about paying off the auto loan too much and I just want to check if I am able to get approved before I pull the trigger. I have also researched the leasing market but it seems that the leasing market is not very friendly to a non-US person like me (the lease term is limited by the duration of visa/ more likely to get rejected) and some brands like Porsche do not lease well.