Credit History.

[Anonymous]

Trying to get an Auto Loan for 65K and was countered at $40,000 due to experience (im assuming history)

The only other loan I have is a school loan which was for 15k and an installment for 12k, both of which are paid for. I purchased a home about 9 months ago so I do have a mortgage, but is 9 months too little? Do most loaners want someone who has had a loan for at least a year?

I have 780 eq score and about 30-32% dti.

[Anonymous]

How much is your income? How long at present job? May have an impact on their decision. 

[Anonymous]

Thanks JM-AM. My wife and I (she was my co-applicant) have a combined income of over 15k and mortgage is 4k. I have worked at my current company for 6 years and she for 5 years.

I sent a letter of rec. to PENFED yesterday. Hope they say yes, but going from 40k to 65k seems like a long shot.

[Anonymous]

IMO I do not think income and history is a problem according to what you have said. It is possible if you could sit and be patient for a little while until mortgage ages a little. They may be skeptical with economic situation (while not as bad as it was, it still hasn't fully recovered) and mortgage still being fairly new especially at 4K a month.