Job requirement history for PenFed?

Anonymous · ‎10-07-2015

Hello all,

I'm wondering what job history auto loans require. I've got a consistent job history, however in April I started a job as an independent contractor. The contract ended in July. I took two weeks off and started a new (permanent) job in late July which offered me a 15% raise from what I was making as an independent contractor and excellent benefits.

I was planning on waiting until January to apply for an auto loan through PenFed, however just yesterday I found the exact car I want at a price cheaper than anything on the market. The vehicle checked out and has proper maintenance records, the person just needs to unload it quick.

That being said I am wondering if you guys think I'll be approved through PenFed since I have only had my new job since July? I dont want to waste my chances on applying and risk a HP if my chances aren't good. My current income is $60k and I have 7 HP's on my account. I recently moved and had to use two HP's for cell and cable/internet. One of my HP's will be dropping off Nov. 13th, and I think a couple more early next year. Finally, I could have a cosigner sign who has an income of $40k if need be. If it matters my rent payment is $607/mo.

Do I stand a chance of getting approved for an auto loan of $30k?

Anonymous · ‎10-07-2015

@Anonymous wrote:
Hello all,

I'm wondering what job history auto loans require. I've got a consistent job history, however in April I started a job as an independent contractor. The contract ended in July. I took two weeks off and started a new (permanent) job in late July which offered me a 15% raise from what I was making as an independent contractor and excellent benefits.

I was planning on waiting until January to apply for an auto loan through PenFed, however just yesterday I found the exact car I want at a price cheaper than anything on the market. The vehicle checked out and has proper maintenance records, the person just needs to unload it quick.

That being said I am wondering if you guys think I'll be approved through PenFed since I have only had my new job since July? I dont want to waste my chances on applying and risk a HP if my chances aren't good. My current income is $60k and I have 7 HP's on my account. I recently moved and had to use two HP's for cell and cable/internet. One of my HP's will be dropping off Nov. 13th, and I think a couple more early next year. Finally, I could have a cosigner sign who has an income of $40k if need be. If it matters my rent payment is $607/mo.

Do I stand a chance of getting approved for an auto loan of $30k?

I think it would be Ok - especially if you stayed in the same industry / job category.

Is the car from a private owner or from a dealer?

I suspect they are more careful if it is a private owner that is selling, but it should still be possible. You might have to submit an actual VIN so they can verify it, but it should still be possible, and I would think they have had to solve that problem many times in the past.

You should be able to qualify on your own for the loan, although you didnt state your current scores and if you have had past problems.

If it were me and the scores are in the 650 or above range, I would go for it.

GL

Anonymous · ‎10-08-2015

I've heard that PenFed tends to be more conservative. Sorry I forgot to include scores in my last post... EQ = 703, and the other two are 722 and 729 (can't remember which is which off hand).

I have been in my current industry for around 7 months (I did a career change), but I do have a solid work history.

The vehicle is from a private seller but not sure that I'm too worried about that - I can get VIN and supporting documents that they may need. The seller still has original window sticker and all maintenance records too, which I really like!

On one hand I've found the exact car that I want, for a price that I really like. On the other hand if I waited until January my credit score will be around 735 or so... I'll have all my cards paid off completely and one HP will be dropping off. My total credit utilization is around 20% because I made a large purchase taking advantage of a 0% APR offer, and that should be fully paid off by Nov. 30th.

It's a really tough deicision I'm in here...

sccredit · ‎10-08-2015

The nice thing with PenFed is that if you qualify you get their best pricing, no tiers. I, personally, think you'll be fine.

Anonymous · ‎10-08-2015

I really like that about them, along with the fact that they dont have year or mileage limits.

sccredit · ‎10-08-2015

@Anonymous wrote:
along with the fact that they dont have year or mileage limits.

I didn't even know that.

Anonymous · ‎10-08-2015

Hypothetically speaking, if I were to apply for the loan and get denied, then lets say I do get my credit up roughly 30 points by January, do you know if PenFed would re-evaluate the decision via another pull? Would they take into consideration the fact they had denied me before? Or is it pretty much once they deny you then you can't get a loan through them for a long time?