Do I have a shot at 50-60k auto loan?

NaimeseOGK · ‎02-04-2022

Hey Guys

I am currently trying to finance a Acura RDX A Spec 2022 *MSRP $47,950*. I have not tried any dealers yet I have only tried one pre qualify which was capital one auto navigator which prequalified me up to $63,000. I am opening to trying some dealers soon after a few more prequalifications. What are my odds?

Fico Scores

Experian - 722

Equifax - 728

Transunion - 732

8 Credit Accounts total

Capital One Platinum - $1600 Limit - 5 years, 4 months - Current (1 late 3 years ago in October 2018)

Capital One Quicksilver - $400 Limit - 9 months - Current (No Lates)

Chase Sapphire Preferred - $5000 Limit - 1 year, 8 months - Current (No Lates)

Chase Southwest Premier - $3400 Limit - 6 months - Current (No Lates)

US Bank Platinum - $1000 Limit - 6 months - Current (No Lates)

Regional Acceptance Corp - $20,500 Balance left - 1 year, 6 months - Current (No Lates)

Rocket Loans - $6,453 Balance left - 6 months - Current (No Lates)

Westlake Financial Services - Paid Off with trade in (Opened from April 2020 to July 2021)

Credit Utilization - 1%

0 Collections

1 Negative ( 30 days late on my Capital One Platinum 3 years ago October 2018)

Annual Income - $66,000 up to $80,000 ( If I pull overtime which is available anytime)

I literally pay $500 a month for a studio lease which is super cheap with all utilities included. I will not move into a full apartment until I pay the suv off.

My Honda Accord sport 2017 also has about 5-6K in negative equity im willing to put down atleast 3.5k to 4k in order to shave most of it off. I am also willing to wait 3-4 more months to let those accounts age a bit more

Mjhall85 · ‎02-05-2022

I'd say you have a shot, what's your prior auto loan history ? is the 20,600 the honda you currently have ?? 47k plus tax is gonna be a prety hefty payment, pending on interest and term could be anywhere from 700 to 1000 plus. With the used car market how it is, be surprised if you were upside down in your current car.

Chapter 7 filed 2/3
Discharged 6/30

Fico 8
EQ 681 TU 671 Ex 665
Fico 4 TU 690 Fico 5 702 Fico 2 693

NaimeseOGK · ‎02-05-2022

Well yes I am currently upside down (about 4-5K which is willing to put down 3500-4000 to shave some of the negative equity off. When I got the Honda I still had a sprint collection on my report so it was dragging my scores down but I got it removed last year. I had one other car loan with westlake for a year all on time payments then traded in the car for the Honda which closed the loan with westlake.

Creditplz · ‎02-06-2022

60k?. I'd be kinda shocked if it's approved.. without a decent down payment (that isn't used to eat into N.E) I used to work BDC at a dealership and then floor during and after college... it depends on the previous largest installment payment in most cases.. BUT

it's worth a shot... the bank will come back if they want more DP, I think a decent F&I manager would be able to get the denial overturned with a decent DP.. but I am no UW!!! Goodluck!

NaimeseOGK · ‎02-07-2022

I appreciate it I also forgot to mention I'm using the Honda Accord sport 2017 as a trade in its worth about 14k-15K

Creditplz · ‎02-07-2022

OP... you'll be approved haha ! Enjoy!

remember to research before you buy... it's good to contact a few dealers before hand to check if they're charging ADM (additional dealer markup) or if they even have what you want in inventory... I used to work BDC and it's common that dealers put "in transit" vehicles online so happy hunting!

NaimeseOGK · ‎02-20-2022

Sorry for the late response. I am going to wait until about the end of july or august. I just opened 3 more credit cards and increased my overall limit and number of accounts I have. Also i am going to be willing to put down 7,000$ - 10,000$ to give me a better chance. So far everything is looking good. I appreciate your help thank you.

increasingmyfico · ‎03-06-2022

@NaimeseOGK wrote:
Hey Guys

I am currently trying to finance a Acura RDX A Spec 2022 *MSRP $47,950*. I have not tried any dealers yet I have only tried one pre qualify which was capital one auto navigator which prequalified me up to $63,000. I am opening to trying some dealers soon after a few more prequalifications. What are my odds?
Fico Scores
Experian - 722
Equifax - 728
Transunion - 732

8 Credit Accounts total
Capital One Platinum - $1600 Limit - 5 years, 4 months - Current (1 late 3 years ago in October 2018)
Capital One Quicksilver - $400 Limit - 9 months - Current (No Lates)
Chase Sapphire Preferred - $5000 Limit - 1 year, 8 months - Current (No Lates)
Chase Southwest Premier - $3400 Limit - 6 months - Current (No Lates)
US Bank Platinum - $1000 Limit - 6 months - Current (No Lates)
Regional Acceptance Corp - $20,500 Balance left - 1 year, 6 months - Current (No Lates)
Rocket Loans - $6,453 Balance left - 6 months - Current (No Lates)
Westlake Financial Services - Paid Off with trade in (Opened from April 2020 to July 2021)

Credit Utilization - 1%
0 Collections
1 Negative ( 30 days late on my Capital One Platinum 3 years ago October 2018)
Annual Income - $66,000 up to $80,000 ( If I pull overtime which is available anytime)
I literally pay $500 a month for a studio lease which is super cheap with all utilities included. I will not move into a full apartment until I pay the suv off.
My Honda Accord sport 2017 also has about 5-6K in negative equity im willing to put down atleast 3.5k to 4k in order to shave most of it off. I am also willing to wait 3-4 more months to let those accounts age a bit more

Typically you're safe around 15% car payment to gross income. Some lenders do stretch beyond that. Cap1 has a solid preapproval system. It is important to make sure all the numbers match because their score card does fluctuate depending on how the loan is structured.

NaimeseOGK · ‎03-06-2022

Thanks I appreciate that. I also joined Penfed last month and ran an auto loan pre approval with them. So far I tried for 50K and got approved. I have decided that I am just going to go for an used 2020 RDX A spec low miles for like 40K since theres not a big difference between the 2022 from the 2019. Will also save me money.

NaimeseOGK · ‎03-17-2022

They denied be beause of

"Too many inquiries in the past 12 months"

"Length of recently established accounts"

"Length of time revolving accounts have been established"

"Proportion of loan balances to loan amounts is too high"

I understand I recently opened 4 credit cards 3 in Febuary and 1 in March only 2 credit cards has reported to my report so far

12 Credit Accounts total

Capital One Platinum - $1600 Limit - 5 years, 4 months - Current (1 late 3.7 years ago in October 2018)

Capital One Quicksilver - $400 Limit - 9 months - Current (No Lates)

Chase Sapphire Preferred - $5000 Limit - 1 year, 8 months - Current (No Lates)

Chase Southwest Premier - $3400 Limit - 6 months - Current (No Lates)

US Bank Platinum - $1000 Limit - 6 months - Current (No Lates)

Citi Rewards - $1000 Limit - 1 month - Current ( No Lates)

Apple Card - $5500 Limit - 1 month - Current (No Lates)

Capital One Venture - $5000 Limit - 1 month - Current (No Lates)

AMEX Blue Cash Preferred -$1000 Limit - 1 week - Current (No Lates)