@TGG_1976 wrote:Not to offend you, but think about it. You currently have 2 car loans and you are asking to get a 3rd loan that is half your annual income. All this with fairly low scores. I can see why lenders are looking the other way here. Unless you can put down at least 40% to reduce the financed amount, you will have a hard time. On a different note ... maybe review that idea, in general, taking out a 65k car note with a 130k annual income sounds "imbalanced". Depending on the monthly payment plan and financing terms, you will pay off this car forever. Again, you do you, but I'd take a hard look to see if this is really want you want.
No offense taken--you have a great point.
One dealer did ask if I'd be willing to trade in both vehicles, so it might be the number of car loans that is hurting me, too.
To be honest, I didn't really want to spend that much on a truck. However, my wife and I are receiving a very generous gift in the form of a fairly new fifth wheel RV from my in-laws. The weight of the fifth wheel necessitated a diesel truck with a high towing capacity--so here I am scrambling to find something. Even used, they're in the low $50s--I was trying to stay as "new" as possible due to the fact that we'll likely put a lot of miles on it.
Maybe I just need to park the RV for a year or so until I can put a bigger down payment on the truck.
@Anonymous wrote:
@Brian_Earl_Spilner wrote:Something feels off...chrysler and ally buy super deep, like 400 FICOs deep. The fact that they won't finance you nor sub-prime lenders, raises huge red flags. Is your income stable? How long have you been with that job and drawing that salary? Chargeoffs that are 6 years old wouldn't be a hurdle. Even one reporting as new, while causing a score drop if none of your negatives were updating, shouldn't be a huge hurdle to financing.
Chrysler and Ally both approved me--but only up to $30K. The highest I've seen an offer go was for $45K through a subprime. Think the issue is the amount I'm requesting is much higher than anything I've ever had on my credit before.
Income is stable--I've been at that salary with just minor cost of living increases for three years now. I've been with my company 19 years, so that should be fine. I've offered up proof of income (pay stubs and W2s) to the dealers, but they never come back asking for it.
Ah, ok, thanks for clearing that up. Nobody should be asking for POI if you've been with your company for 19 years.
I definitely think it's a combination of the price of the truck and the scores. I was approved back in November with a 499 score and an unpaid charge off. Mind you my loan was only for $13k. I got completely violated on the finance rate. That's what led me to these forums and fixing my credit. With your wife's scores, they will definitely approve you. The issues with that is, the dings from the inquiries and the new account being at 100% utilization. IMO it still shouldn't drop her scores more than 15-20 points. Understand that she will more than likely be listed as first on the loan and even one 30 day late could drop her score close to 100 points. I would have her do a 3b pull from Myfico to see where her auto scores are. I would also tell the dealer that you only want her credit run once with the captive lender to see if you qualify for the best rate with them. That's if you decide to use her as a co-signer. Good luck.
Goal Scores: 700 across all three
@Anonymous wrote:
@TGG_1976 wrote:Not to offend you, but think about it. You currently have 2 car loans and you are asking to get a 3rd loan that is half your annual income. All this with fairly low scores. I can see why lenders are looking the other way here. Unless you can put down at least 40% to reduce the financed amount, you will have a hard time. On a different note ... maybe review that idea, in general, taking out a 65k car note with a 130k annual income sounds "imbalanced". Depending on the monthly payment plan and financing terms, you will pay off this car forever. Again, you do you, but I'd take a hard look to see if this is really want you want.
No offense taken--you have a great point.
One dealer did ask if I'd be willing to trade in both vehicles, so it might be the number of car loans that is hurting me, too.
To be honest, I didn't really want to spend that much on a truck. However, my wife and I are receiving a very generous gift in the form of a fairly new fifth wheel RV from my in-laws. The weight of the fifth wheel necessitated a diesel truck with a high towing capacity--so here I am scrambling to find something. Even used, they're in the low $50s--I was trying to stay as "new" as possible due to the fact that we'll likely put a lot of miles on it.
Maybe I just need to park the RV for a year or so until I can put a bigger down payment on the truck.
actually diesel trucks are expensive for a reason. They are barely breaking in at 100k miles and should last you forever and a day if you maintain it.
Heck, me and my SO have towed with a stratus cross country 6x and that is still going lol
You do not *need* a new truck to tow. You can easily get a 2010-2013 with 100k-200k miles for 20-30k and it will tow forever and a day! Once you improve your credit, you can trade in the truck for a new one with additional down payment. Diesel trucks do not expire as quickly as gas vehicles. That is why they really hold their value and you see trucks decades old on the road with a million +, yes, million +, of miles on them!
When I looked at cap one auto navigator, I noticed when I picked a diesel truck and calculated the deal, they offered the lowest interest and highest amount to finance me on them. They know that these diesel trucks hold their value.
@Anonymous wrote:
@Anonymous wrote:
@TGG_1976 wrote:Not to offend you, but think about it. You currently have 2 car loans and you are asking to get a 3rd loan that is half your annual income. All this with fairly low scores. I can see why lenders are looking the other way here. Unless you can put down at least 40% to reduce the financed amount, you will have a hard time. On a different note ... maybe review that idea, in general, taking out a 65k car note with a 130k annual income sounds "imbalanced". Depending on the monthly payment plan and financing terms, you will pay off this car forever. Again, you do you, but I'd take a hard look to see if this is really want you want.
No offense taken--you have a great point.
One dealer did ask if I'd be willing to trade in both vehicles, so it might be the number of car loans that is hurting me, too.
To be honest, I didn't really want to spend that much on a truck. However, my wife and I are receiving a very generous gift in the form of a fairly new fifth wheel RV from my in-laws. The weight of the fifth wheel necessitated a diesel truck with a high towing capacity--so here I am scrambling to find something. Even used, they're in the low $50s--I was trying to stay as "new" as possible due to the fact that we'll likely put a lot of miles on it.
Maybe I just need to park the RV for a year or so until I can put a bigger down payment on the truck.
actually diesel trucks are expensive for a reason. They are barely breaking in at 100k miles and should last you forever and a day if you maintain it.
Heck, me and my SO have towed with a stratus cross country 6x and that is still going lol
You do not *need* a new truck to tow. You can easily get a 2010-2013 with 100k-200k miles for 20-30k and it will tow forever and a day! Once you improve your credit, you can trade in the truck for a new one with additional down payment. Diesel trucks do not expire as quickly as gas vehicles. That is why they really hold their value and you see trucks decades old on the road with a million +, yes, million +, of miles on them!
When I looked at cap one auto navigator, I noticed when I picked a diesel truck and calculated the deal, they offered the lowest interest and highest amount to finance me on them. They know that these diesel trucks hold their value.
That's a great point about the diesels holding their value.
It's interesting you mentioned cap one auto navigator--that was one of my pre-approvals and I was stunned at how old of vehicles they'd finance for me at rates (72 mos, 10.24% on a 2015 Model--$38K amt financed) that were lower than my 2016 Truck!!!