How does it look???

[fastalkintn]

I want to thank everyone in advance for their help. Looking at cars, either new or nearly new, and kind of worried about the financing. What do you think our chances are?

Credit Score:me 697/her 705
AAoA: both around 6 years
# of positive trade lines:several
# of negative trade lines:none
Income:$115,000 combined pre tax last year
Lenght of Employment: me 6 years/her 5 years
Previous Loan Experience:several(maybe 5) auto loans over past 10 years all in good standing. Have two now, one of which we will be trading with negative equity.
Debt-to-Income (DTI):~32%
Year of Car:2015 one is new one is used
Miles:used one has 15000 miles, new one 5 miles
Purchase/Refinanceurchase

Amount: somewhere in $40,000 range. Loaded Grand Cherokee
Requested loan term (XX Months):looking for 72-84
Down payment amount:~4000
Co-borrower/Co-Signer:joint loan husband and wife
Other:No baddies on either credit. We do have high cc utilization, somewhere around 90%

[Appleman]

Income and scores look good. Strong work history but the currrent utilization will likely cost you. 

I am curious if using the $4,000 to pay down some credit card debt would help your utilization? If it is $9000 of credit card debt compared to $10,000 line of credit, paying down $4,000 would likely give you a pretty good boost. However if you have $35,000 in credit card debt at 90% utilization, the $4,000 may not move the scores much.

Note: I am in no way judging you on the credit utilization but it is a factor. Also, you did not mention what the negative equity was for the trade in.

Would a personal loan be an option to re-finance the credit card debt.? Plenty of companies let you check rates and terms with only a soft pull. That is an option for some to get a lower utilization %.

Have you used any of the auto loan pre-qualification sites to see what they may offer? Again, a soft pull of credit on a few of them.

I would anticipate that the dealer could find you financing but the rate may be above average for an auto loan. If however you could get the utilization down I think you could probably get a very decent rate.

Good luck, I like the current Grand Cherokees but wow do they get expensive at the top of the trim line, not to mention the SRT version.

[fastalkintn]

What sites do you recommend?

[Appleman]

I am assuming you mean for Auto financing? Capital One Auto Finance is a great start.

Also, it may be worthwhile to talk with your current bank or credit union, even more so if you have a good relationship with them.

[fastalkintn]

Thanks for your help. I did the cap 1 pre-approval and got approved for $35,000 at 4.09%. The dealer was able to get me full amount (~$42,000) at 4.2 with 5/3 bank.