Do I qualify for an auto loan?

[Anonymous]

Credit Score: 720

AAoA: 8 months

# of positive trade lines: 2

# of negative trade lines: 1 very small debt $180

Income: 25k

Length of Employment: 4.5 years with current employer

Previous Loan Experience: none

Debt-to-Income (DTI): 24.8%

Year of Car: 2009

Miles: 89k

Purchase/Refinance: Purchase

Requested loan term (XX Months): 48

Down payment amount: 2k

Co-borrower/Co-Signer: none

Other: denied by penfed reasons were income insufficient for amount requested (6.2k) and limited credit experience, did not counter simply asked if I had a cosigner.

[Shooting-For-800]

Check Cap One Prequal?

I am not a fan of PenFed.

Navy Fed?

GL!

[Brian_Earl_Spilner]

How much is the car you want? More than likely, it took you over the acceptable DTI which is why penfed denied you and asked for a cosigner. If the financed amount takes your DTI to around or above 35%, you're gonna have a tough time without more money down or a cosigner.

[Shooting-For-800]

If your only negative is $180, I would get rid of that first.

Check Cap One.

BTW, the car is 10 years old, that is not going to help the situation.

GL!

[Anonymous]

Amount financed was only $6,200, also planning on getting that taken care of soon, I will pay that and chat with capital one I already have a card with them.

[pinkandgrey]

I’m going to swim against the current here lol. I’m not saying this is the best situation in the world, but it’s my personal experience. I once got a loan-without a cosigner- for an 11 year old car that cost 10k. My interest rate wasn’t terrible at 5.49. The income I listed was 17k. My DTI ratio was pretty low, to be fair, but what I’m saying is that just about anyone can get approved for a car loan. The terms and interest may not be good though. And before everyone comes down on me, of course I understand that just because one CAN get a loan doesn’t mean one SHOULD. Just my experience. Carry on.

[Anonymous]

So I just applied to the capital one pre qualify auto navigator thing and it failed :/

[pinkandgrey]

---

@Anonymous wrote:
So I just applied to the capital one pre qualify auto navigator thing and it failed :/

---

I didn’t qualify for anything through that tool either when I bought the aforementioned car. Don’t get discouraged. 

[Anonymous]

The easiest way for someone in your situation to get an older car financed is to finance where you are buying the car. Most outside finance companies will have a hard cap of 10 years on the car age. (Are you buying from a private seller?)

You can check these other places https://www.nerdwallet.com/blog/loans/best-car-loans-for-good-fair-and-bad-credit

[Brian_Earl_Spilner]

---

@pinkandgrey wrote:
I’m going to swim against the current here lol. I’m not saying this is the best situation in the world, but it’s my personal experience. I once got a loan-without a cosigner- for an 11 year old car that cost 10k. My interest rate wasn’t terrible at 5.49. The income I listed was 17k. My DTI ratio was pretty low, to be fair, but what I’m saying is that just about anyone can get approved for a car loan. The terms and interest may not be good though. And before everyone comes down on me, of course I understand that just because one CAN get a loan doesn’t mean one SHOULD. Just my experience. Carry on.

---

You're completely right, anyone can be financed. Toyota prides themselves on being able to finance anyone in house. You might not like what's offered, but it can be done.