Current Credit Scores (as of 12 March 2015):
-- EQUIFAX SCORE 8 (679) -- EQUIFAX AUTO SCORE 8 (706)
-- TRANSUNION SCORE 8 (691) -- TRANSUNION AUTO SCORE 8 (704)
-- EXPERIAN SCORE 8 (666) -- EXPERIAN AUTO SCORE 8 (671)
Income and Expenses:
-- Gross Monthly Income ($10,922.75) -- Net Monthly Income ($6,951.42)
-- Monthly Expenses ($3,323.20**)
** Includes $1,812.45 (mortgage) and $800.00 (student loans - but only as a co-signer - son is primary payer)
-- Remaining Monthly Available Funds ($3,628.22).....or ($4,428.22) (if remove the $800/month student loans which son pays)
Cost of 2016 Sorento SXL 3.3L V6 AWD: $48,585
Discounts: -$5,525.00
Sale Price: $43,060.00
Sales Tax and Title/Tag Fees: +$2,843.60
Total Cost of Vehicle: $45,903.60
Down Payment: -$20,000
Amount to be Financed: $25,903.60 (60 months)
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Above are the current credit scores, current income and expenses, and anticipated vehicle type/costs and amount financed.
The Kia "Build and Price" website seems to imply that "700" is the cut-off to be eligible for the Top Tier (0.9% for 60 months).
The "dealer" states that they pull TRANSUNION; whereas, Kia Motors Financing (per their website) seems to imply that they have an arrangement with EXPERIAN. We seem to be "so close" with TRANSUNION; however, my EXPERIAN Auto Score 8 reflects below that "700" threshold.
My question to the masses is whether, given the information above regarding the "available finances" (after deducting expenses from income) and the projected down payment, do you feel that I'm in a position to go ahead and apply for the Kia Financing pre-approval at this time or should I wait another month or two. I'd like to purchase the car at this time, but I do not want to "waste" a hard inquiry if the masses feel that I would be declined. I don't think I will be, but just reaching out for other opinions.
Do you feel that they would take the available funds and down payment into consideration for approval?
Thank you.
