Having a hard time getting a car loan

[Anonymous]

Hello,

I am trying to get a new car loan for 45000.00. My DTI is low at only 850.00 a month going out. I earn in excess of 85 k a year. However, I am unable to get anyone to touch me on a car loan. So far it seems that I either get approved and then rejected while at the dealer when doing the buyers order or told to get a co-signer. I have no open derogotory. My TU is 648 ( ally calculated it at ). However, I am still being told that even if I had a large down payment I would not be able to get funded. 

Any advice?

[elim]

Penfed or DCU. Not sure about the amount though. All you can do is ask.

[Anonymous]

Thanks, I'll look into that. You know anything about PenFeds credit tiers on new car loans?

[bigpoppa09]

OP if this is your first autoloan and u have no experience with a high  dollar auto loan its gone be hard for u to get this loan i think u aiming to high if this is your first loan i would say 20K max.

[Anonymous]

Good poijnt. Why even waste my time right. Yeap, thanks for helping make a decision. 

[Anonymous]

What does the rest of your credit profile look like?  If it is light on CC or installment loans creditors tend to be anxious about larger autoloans, not that 45k is huge these days as the average amount financed for a car is a little over 35k right now.    I agree that the credit unions are likely your best bet.  The other thing to consider if you can is putting a decent amount down to ease the lenders concerns a bit.  If you could come up with 20% down my guess is you would have no problem.  Try the credit unions first though because they are the best option.  If you can get into NFCU they are another in addition to Penfed and DCU that are great to do business with.

[Anonymous]

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@Anonymous wrote:

Good poijnt. Why even waste my time right. Yeap, thanks for helping make a decision. 

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Your new here so you should know that you won't always hear what you want but that doesn't mean the folks that take the time to try to help are giving you a hard time.  Many of them speak from experience having been in your exact position before so they are providing that perspective.  

[medicgrrl]

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@Anonymous wrote:

Hello,

I am trying to get a new car loan for 45000.00. My DTI is low at only 850.00 a month going out. I earn in excess of 85 k a year. However, I am unable to get anyone to touch me on a car loan. So far it seems that I either get approved and then rejected while at the dealer when doing the buyers order or told to get a co-signer. I have no open derogotory. My TU is 648 ( ally calculated it at ). However, I am still being told that even if I had a large down payment I would not be able to get funded. 

Any advice?

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What is their reasoning?  Usually you get credit approved and then provide documentation to support your application.  Why are you making it through the initial approval and then being rejected?  Length of employment?  Income is not verifying?  

[Anonymous]

The bar keeps moving. 

USCCU : Approved on car by loan officer and told it was ok to have car shipped. Senior underw writer called me while on the phone getting new car insured and said they would not be funding the loan. Reason : No installment loans, no credit history.

OHCU : Pulled a older version of the score that was lower by about 40 points after looking at my pull and saying it should be fine.

In short, new credit or lack of loans. If one gets satisfied they just come up with another reason even after I ask for all the possible issues. Kinda over it. I'll just do something else. Starting to look to me more like a moving bar that always move when you satisfy the first reqs they ask for. 

Wage verification was also fine. 

Thanks for the input. I forum moderator can feel free to lock this. I dont see it really helping many others. Also, I am not prior service member.

[Anonymous]

Sorry to hear your getting the run around.  One option you could consider, it would take a little time but I would join Penfed, DCU and Alliant all three can be joined by anyone and have easy processes.  Do a share secured loan with one of them and get a good 6 months of installment loan payments reporting and then take a crack at this again.  Once you get that first auto loan under your belt you won't have this issue again as long as you maintain good credit so its just getting in the door.  The three I mention above, especially Penfed and DCU have excellent reputations for customer service so they are not going to approve you and then pull the rug out from under you later.

Hang in there, you'll get this done eventually