NFCU Auto Loan Approval

[Anonymous]

Hello to all, I'm looking to fiance a vehicle through NFCU. My fico 8 scores are 765, fico 5 score 781 and fico 9 778. I have two NFCU cc both with 25k limits with 4% utilization. My annual income is 74k and I'm looking to borrow 65k. My average credit age is 2yrs 6 months, I have been a NFCU member for two yrs now and I'm going to put down 8k. Do you think I will be granted the 65k or do you think my short credit history will be a issue? I do have 3 installments loans on my cr but no auto loans. I have a mortgage 1288 and my wife makes 76k annual but I dont want to add her to the loan thanks for any input.

[sccredit]

I don't think the credit length itself would be as much of a problem as the amount you are looking to finance based on your income alone.  

[Loquat]

@Anonymous Howdy and welcome to the forum!   I also believe that it may not be your credit that creates concern for Navy but more so the amount you're wanting to borrow against the amount you make annually.  Is it possible?  Sure, I've seen stranger things.  But your profile can help sway things for or against you so without us knowing the complete picture then your chances of approval are nothing short of a guess. 

[Anonymous]

Thanks for the response, I'm curious what annual income would one need for a 65k auto loan?

[Anonymous]

Just curious what do you think the maximum amount NFCU would fiance with a 74k annual income. I dont have any bills really other then a mortgage and my wife pays half of that thanks for your response.

[Anonymous]

The typical debt to income most auto lenders look for is under 40%, ideally under 35%. How much is your mortgage? Do you have any credit cards (it doesn't matter if you pay it off in full each month; that will still count toward your total debt)?

And the fact that your wife pays half the mortgage doesn't mean the full amount won't be calculated as part of your DTI. In a community property state, you're on the hook for the full amount.

[Anonymous]

Thanks again for your response I love this blog, my mortgage is 1288 monthly. I have 5 cc with a total credit line of 75k. I normally pay my cc in full when I dont I might have 100 dollars monthly in cc debit. I dont think I'm over the DTI, my gross is 6170 monthly thanks.

[CCrew]

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@Anonymous wrote:
Thanks again for your response I love this blog, my mortgage is 1288 monthly. I have 5 cc with a total credit line of 75k. I normally pay my cc in full when I dont I might have 100 dollars monthly in cc debit. I dont think I'm over the DTI, my gross is 6170 monthly thanks.

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You said you also have 3x installment loans in your first post though. You'll need to combine them with the $1288 when looking at the DTI %. Add in obviously any CC balances that may be on your report at the time you're applying.