Do you think I can get approved for a 2013 cadillac ats?

[BurtonSn0wBunny]

Transunion score is 622, vantage score is 651. Personally I only bring in about $1,150 a month, but my boyfriend brings in $4,400 a month. The car I am wanting is a 2013 Cadillac ATS. I built the one I want on the cadillac website and the total was $36,000. I do have a 2008 Mazda to trade in which books at $9900. I still owe $7100 on it.

I had great credit for a 23 year old when I bought my car and had no problem getting financed, but my credit went down the crapper in the Great Depression of '08 when I got laid off and had to let my credit card payments go because my unemployment checks were barely enough to pay for my car, insurance and gas. Will my boyfriends income count as well even though we are not married? We live together and share a checking account. I'm just wondering if it would even be possible for me to get a loan of that amount without a cosigner? If it is possible to get approved for a loan of that amount what kind of interest am I looking at? Thanks for any and all help.

[maiden_girl]

If you don't need a new car...why waste the money to buy it? Seems to me you have a reliable car. If you can't afford the payments on your own without using your boyfriend's income, you can't afford it. FYI, my reply may seem like I'm being rude but I'm really not!

[Dustink]

Does your boy friend want to buy you a car?

If his credit score is high and his obligations are low, he may be able to get the loan. 

Although, it does not seem like you have any need for the vehicle.

[BurtonSn0wBunny]

Why are people making the assumption that I don't need a new car & that my current car is reliable, like they know me lol.

[maiden_girl]

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@BurtonSn0wBunny wrote:
Why are people making the assumption that I don't need a new car & that my current car is reliable, like they know me lol.

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Maybe b/c you mentioned you have a 2008 Mazda. Hardly ancient history. Just saying lol.

[Dustink]

Warranty on a mazda is a lot less than a new caddy. At $1,150 per month, you may need to find ways to save money. Your car payment for a 36 month loan would be more than that.

[maiden_girl]

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@Dustink wrote:

Warranty on a mazda is a lot less than a new caddy. At $1,150 per month, you may need to find ways to save money. Your car payment for a 36 month loan would be more than that.

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I was thinking the same thing...not even including car insurance. I bet the premium would be up there. Caddy is a pretty expensive car to insure.

[Dustink]

Although, I am not recommending a warranty. As long as the vehicle has been properly maintained. Then it should be fine. Just your usual small repairs every now and then.

[j_casteel]

No one can tell you what to do, but since you came on here asking for advice you should take it.

Can you AND your boyfriend get approved? Probably, depending on his and your's credit file.  Should you? Probably not...you don't make very much annually and the payments on the vehicle alone will take over half of your income. Plus, you mentioned you have a 2008 Mazda that is worth nearly $10k so we can take that info and determine that it would be a good running vehicle or it wouldn't be worth that much. Also, on a personal note....I suggest not financing a vehicle with someone you're only dating. Not to mention that you still owe over $7k on your current vehicle and unless you get a good trade-in you could wind up with a $40k+ Caddi.

[zeusta20]

I agree with what everybody else is saying...

I know what you mean though. Those Cadi's are nice cars! BUT, you don't want to get into an obligation that you're gonna regret. I'm in the process of getting a car. I make almost 40k annually, but even for me, I'm still thinking of getting something 10k or less. the MOST that i'd even go to is probably 15k AT THE MOST. You're not going to be able to use your bf's income unless he's also going to be on the car loan. Even when it comes to marriage, you can't use his income...again, unless he's going to be on the loan.

I know...I work for a bank, and I tried to do the very same thing with my clients applying for a personal loan. And she got denied because its not HER income. Its her husbands. (thats what the underwriter had told me when i spoke to them).

I don't know if you need a new car or not....if you DO, then i'd just go for something a little cheaper. If you DON'T, then i'd just stick with what you got. Sometimes having that luxury of the car isn't worth the debt and the trouble that it would put you through.

Either way you go, Good luck!