First Time Auto Buyer Approval Odds?

[Anonymous]

Hello thank you all for taking the time to reply.

Credit Score: All 710 Plus

AAoA: 3 yrs (I am 23 years old)

# of positive trade lines: 3

# of negative trade lines:0

Income:70K

Lenght of Employment: 2 years

Previous Loan Experience: None

Debt-to-Income (DTI): 5% (19% if you include rent don't know if that matters)

Year of Car: 2014 BMW 435i

Miles: 35,000

Amount of loan: $40,000

Purchase/Refinance: Purchase

Requested loan term (XX Months):60-72

Down payment amount:0

Co-borrower/Co-Signer: no

Other: Total price of car would be around 40k. I have never financed a car before I only have three credit cards. One has been open for one year it is $1000 I cosigned for my little brother going to college. Second has been open for 4 years with a limit of $5000 and the last has been open for 3 years with a $22,000 credit line. I have never been late on a payment before.

[Anonymous]

Nick you can always prequalify through the Capital one auto site.  It isn't a hard pull so won't affect your credit.  Should give you a good estimate of what you might be approved for and what apr%.

[jeffm4688]

Rent matters on DTI, hoping thats a loaded CPO 435 for $40, or a vert . You should be fine when it comes to being financed, although might require some kind of a down payment being no experience with installment. You might want to look into joining penfed, I would imagine you'd have a good shot at qualifying for their lowest rate.

[Anonymous]

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@jeffm4688 wrote:

Rent matters on DTI, hoping thats a loaded CPO 435 for $40, or a vert . You should be fine when it comes to being financed, although might require some kind of a down payment being no experience with installment. You might want to look into joining penfed, I would imagine you'd have a good shot at qualifying for their lowest rate.

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He does have experience with installment loan. His brother school loan but that's also count toward his DTI. Not sure if the student loan is even reporting yet. Only OP will know when he pull his credit report. The car note will be anywhere from 6-800 depending on rate. With ur income and score u should be able to get the loan. Unless bank think the amount of loan for vehicle isn't worth it. I personally think it's easier to get loan for new car compared to used car

[RonM21]

I like both of the prior suggestions of checking the prequal site and maybe the potential of a CU. Explore your options and research a bit just to be sure.