Is it possible for me to get a 35k auto loan with this profile

[Anonymous]

My wife wants to buy an infiniti qx56. The price is 35k.  She is in the military, we have no rent because we stay on base, we have no bills except credit cards bills.  Her credit scores are all 725 and up.  Her dti is 4%  bring home is $3000 a month.  She have two paid auto loan on her report with good history.  Navy federal and Usaa have been sending pre approvals.  We have no car notes no rent no electric bill, no water or gas bill.  So what are her odds of being approved for 35k.  We calculated to payment would be around 570 a month.

[StartingOver10]

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@Anonymous wrote:

My wife wants to buy an infiniti qx56. The price is 35k.  She is in the military, we have no rent because we stay on base, we have no bills except credit cards bills.  Her credit scores are all 725 and up.  Her dti is 4%  bring home is $3000 a month.  She have two paid auto loan on her report with good history.  Navy federal and Usaa have been sending pre approvals.  We have no car notes no rent no electric bill, no water or gas bill.  So what are her odds of being approved for 35k.  We calculated to payment would be around 570 a month.

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If her net income is $3k/month and she has NO expenses per your post then she ought to have quite a bit of savings. How much is she planning to put down on this vehicle? If she plans to put down a decent amount then her odds are good. If she is planning to put zero down, then I don't think it is something she should do. I know many here consider zero down the holy grail, but from a practical POV it leaves you in the very worst position: highest payment leading to most upside down vehicle (loan exceeding value). With a decent down payment you can stay ahead of a depreciating asset and have lower payments. JMO. 

I assume she is a first time borrower for a vehicle. If that is the case, please read the stickes at the top of this section, usually there are loan limits for first time borrowers.  It certainly is a good thing that she has access to NFCU and USAA and should definately take advantage of their offer(s). 

If she is not a first time borrower, then her past performance on a auto loan will help/hurt her depending upon her payment history.

Have you pulled her FICO auto enhanced scores at all? 

[Anonymous]

StartingOver10 she has two paid auto loans with no lates.  She dont plan to put a down payment down but she can if she have to.  She just recently pay off a 2013 dodge charger in just under two years this July.  I know with Nvy Federal they give u a blank check for up to the amount approved for but I think USAA rates are better for used cars.  All credit card bills add up to $184 a month but the extra money goes on credit card. She might put $2000 a month extra on credit card bills.  She has a few 25k credit cards two with balances. one balance is 7000 and the other is 3000 so she just put extra towards that but she have like 15 cards and two with balances.

[Anonymous]

I just financed $35,147 @ 6.01% and my payments for 72 months are $588.77 as a point of reference.

My auto scores are a little higher than the numbers in my signature.

[Anonymous]

@ksb1 what is your yearly income and any bills and your dti and how did the process go

[fury1995]

No issues with your scenario. The average PTI (payment to income) most lenders look for is 15% for "iffy" credit but with scores like your wife's, being at 19% PTI shouldn't be an issue at all.

You should be able to shop the rate and compete. I think I've seen US Bank with rates better than USAA and Navy lately.

What year is the Infiniti?

[Anonymous]

thanks fury1995 and its a 2012 with 60k miles

[Anonymous]

I went to a local CU, they gave me the best rate by 2%. I have a ch7 that is 22 months discharged and I make over $100k. Cap1 also ore approved me to $35K but the rate was 8.07%.

I'm going to try and refinance for something lower in the next few months, fingers crossed.

You should be fine :-)

[fury1995]

tmote, she should be fine for up to 72 months at most prime banks. However, Credit Unions tend to be better on 2012 model year vehicles than regular banks. Not by much but they will. Miles in the 60K range is not an issue for prime loans.