DTI and Auto Loans Question

[Anonymous]

I am planning on getting a new car this summer.  I figured my DTI is 43%, this figure assumes around a $300 car payment.. I've read this is considered too high so I am worried I wont be approved for a loan.  MyFico auto scores range from 672-712 and my fico8 scores, as of 1/22 range from 697-709 and I feel they will just go up as my accounts age for 6 more months before the car loan app. Also my credit utilization is 18% and AAoA is about 6.5 years.   I'm figure I can get an "out the door" price of the car will be around $23000 with a down payment of $7000 (all cash) so the loan amount would be $16000. I've been at the same job for over 2.5 yrs and current residence for almost 3yrs.  Had a few late credit card payments 3yrs ago but never late since and my only other baddie is a paid collection for Comcast for $114 also 3 yrs.  I would have no problem making the payment of around $300, since I've saved the $7000 down payment in six months with current job and bills.

Should I be worried about getting denied a car loan?

Any advice or shared experiences with DTI and auto loans is greatly appreciated.

[JGGM]

With those scores and $7k down you will be fine unless you are opening a second auto loan (meaning you are keeping a vehicle that you are still making payments on). Most captive lenders (I.e. FMC, TMCC, GMF) would buy into your scenario all day long. 

Source: I work in finance at a franchised auto dealer

[Anonymous]

Phew!!  Thanks for your response...I'm just making sure I cover everything and I don't run into any hiccups in the loan process. And I don't owe on my present car and selling it to my best friend that really needs a running car badly.... thanks again.