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Chances of being approved for a $56K Auto Loan?

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Chances of being approved for a $56K Auto Loan?

Hello Everyone!

 

As the title mentions, I wanted to get your input on whether i would get approved for a 56k Auto loan.

The vehicle i want to purchase is a 2010 Nissan GTR at $53K. I've called out 56K for extra cushioning with taxes.

 

Age: 27

Credit Score: 711 (TransUnion)  712 (Equifax)

AAoA: 4 Years, 7 months 

 

Income: $102,000 Yearly

Lenght of Employment: 1 Year (Previous Job 5 Years) 

Debt-to-Income (DTI): 18%

Year of Car: 2010

Miles: 49,000

Purchase/Refinance: Purchase

Loan Amount: $56,000

Down payment amount: 10-15% ($5,500)

Other: I am paying student loans but that is already calculated in the DTI.

I have a credit card open but that is always maintained at 0-5% usage.

So what are my chances? If possible should i go with a CU? or try the dealer? Would like to know from all of you knowledgable folks! Thanks!

 

Some additional background Info:

I recently just finished paying off an Auto loan (Perfect payments / No missed Payments), however my car was totaled by a red light runner which has prompted me to make this decision sooner than i wanted. I do have another daily driver so the GTR will only be a weekend car.

I have done all research on maintenance and insurance and all appears to fit within my budget.


Thanks again!

1 REPLY 1
Frequent Contributor

Re: Chances of being approved for a $56K Auto Loan?

What is the car worth?

 

That has a lot to do with things.  Are you borrowing 100% of it's value or 80%?  I know you list the downpayment of $5,500 but I don't know what the car is actually worth.  Being a Skyline its possible that it's worth more than the books say and if the book value is significantly less than what it's marketable for that could be a problem.


Also the car is 8 years old.  Nothing wrong with that, however I am not sure if that affects the loan.  I know many say car has to be no older than X years old I just don't remember what that X years is.

 

https://www.dcu.org/loans/auto-NADAguides.html

 

I am a big fan of DCU and they let you borrow up to 120% of the cars value at least in a refinance.

 

Great rates too and 1 inquiry is good for multiple apps (opening a DCU account, Credit card and auto loan) if it's within 90 days of each other.  Pretty sure they only pull Equifax.

 

Also like every other post on the board says what are you Fico scores.  Posting TransUnion and Equifax only typically indicate that you are looking at CreditKarma or the likes which uses a Vantage score instead of true FICO.

 

At times I have seen my CreditKarma scores be either 100 points higher or 100 points lower than my FICO scores.

 

It those are your FICO scores I don't think you will have trouble 

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