I just went through the car approval roller coaster yesterday, so here are my thoughts.
It's harder to get good rates with no loan history. This was my first auto loan ever, and I'm almost 40. My income is 4x the price of the vehicle, I've been at my job for over 8 years, with scores in the mid 600's on average and was still shocked to get 3.35% (Mom was a CPA, and one of her big clients was a regional auto wholesale/auction place, so for most of my life all of our cars and even friends cars came through him. Mom was known for being able to buy a nice car on her Discover card......so her getting outside financing at rates of 1% or better was a no-brainer. Me....the guy did "private" financing since I was her son. "Pay me monthly until it's done, then the title will transfer. If you are 30 days late, I just send my truck to get the car, we don't have to do all that paperwork and stuff." I could also say "Hey, I really want X model vehicle in X color and X options." And he'd go searching, report back in a few weeks with the news that one is on it's way and will arrive on whatever day. )
The DTI may hurt you. I don't think so much becuase of the actual numbers, but more like "We can't verify anything about the finances with a cash only job." The $6000 balance you mention is over 50% of your available credit at this time, plus another $2400. I would suggest paying that down, but I'm not sure which would be more benifecial. I'm sure someone here can advise you better on that than I can.
I also don't know what state you are in, but here (Louisiana) a cash only job will likely be a big red flag because TAXES. Are they being taken out? Do you pay them on your own like a contract position?
Do you have a bank account? How long have you been with that bank?
You mention that your proposed down payment of $4000-$5000 is 10% of the car. So that would mean it's a $40,000 car or more?
So I ran this through the Edmunds auto payment calculator. A $40,000 car...with a $5000 down payment...IF you got a straight 3% interest...for 60 months.....is a payment of $700 dollars. If it's 72 months, then it's about $600 dollars.
However....with no loan history, over 50% UTI on your credit limit, a cash only job you just started, 8 month AAoA, estimated (my mental math) payments on that $6000 balance at about $200/m to be getting anywhere on it, and another $2400 balance....I don't think you'll be getting great rates IF you get approved.
From my experiences over the last few days, this looks like a "sub prime" situation, which may mean IF you get approval, it will be interest rates in the 20% and up category. That means your monthly payment IF you got approved, and IF it went for the 60 months you want would be an easy $1000.
So the math from another angle. $35,000 a year.....you don't say if that is before or after taxes, so I'm going to assume it's before. At a conservative rate of a total of 20% of your income going to taxes (state, federal, etc) without insurance coming out of it....leaves $28,000. With the Affordable Care Act in place, you with either have to have insurance or pay a fine. Perhaps you do have insurance through someone else's policy etc. But you will need car insurance. And with a loan, that will include collision/comp. At which point you are looking at a good $150-$300/month depending on your age, driving history, length of time with the company etc. So let's try $225/month (your lender may require certain levels of coverage which will also have an impact.)
$28,000 divided by 12 months gives you $2333. Estimate $1000 minimum on the car loan with the info you gave, so that's now $1000 ( a safe number because I ran the note at 20% instead of a possible 23-275). Take out the car insurance and it's $775. Other payments and you are now below $500 for the month for gas and whatever else.
Unless I misunderstood something in the information you provided, I'd have to advise to look for a much cheaper vehicle. Also, pay down the amounts you own on other things, and perhaps find a way to get proof of income.
