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Loan Approval likely?

New Visitor

Loan Approval likely?

Credit Score: 795
AAoA: 5 years
# of positive trade lines: 2
# of negative trade lines: 0
Income: 120-132k
Lenght of Employment: less than 2 years at current job
Previous Loan Experience: 0 missed payments
Debt-to-Income (DTI): ~15%
Year of Car: 2018
Miles: 35
Purchase/Refinance: purchase

Car cost: 80k

Loan amount: 65k
Requested loan term (XX Months): 72 mos
Down payment amount: ~$15000
Co-borrower/Co-Signer: none

Banks available: NFCU, USAA

Regular Contributor

Re: Loan Approval likely?

I don't think there's any remote possibility that you'd be denied.  What about the above are you concerned about?

Message 2 of 6
New Visitor

Re: Loan Approval likely?

The loan amount versus my income.

Message 3 of 6
Frequent Contributor

Re: Loan Approval likely?

With your current DTI at about 15%, the $1000ish car loan payment you're looking to add should increase you to about 24-25%, depending on your actual income level (you provided a range, so these are all rounded numbers based on the middle of that range).


With your score and AAoA, assuming you have appropriate positive installment history (an old car loan, student loan, mortgage, something), it should not be a problem.

If you don't have installment history and they balk at that, it is more likely to affect your interest rate than your approval.  And the interest rate can always be lowered 6 months down the line once you've paid some on the loan and are ready to refi with 6 months of solid history on file.

Message 4 of 6
Frequent Contributor

Re: Loan Approval likely?

I am not sure but that amount looks to me to be too high for either usaa or nfcu. Might give a call and ask each what they think in general, not specific to your profile. Also, the real value of the collateral matters greatly

Current Score: EQ753 TU769 EX778
Goal Score: 800's once again

Note to self: Garden. Must garden till 3rd Qtr, 2018
Message 5 of 6
Valued Contributor

Re: Loan Approval likely?

PenFed is also available as well. 1 EQ HP for membership, auto loan, PLOC and credit card if your credit profile allows it.


I used USAA for auto loans for decades but have since moved onto PenFed for my auto finance needs as they consistently beat USAA.

Approval sems likely esp. with the $15K down.


Just curious, what vehicle are you looking to buy?

Message 6 of 6