New Truck Financing

[Anonymous]

In the next 60 days I'm going to be looking to finance a new truck. 

Income $80,000

DTI 12.5%

Credit score are in the mid 600s.

The truck I'm looking at is $75,000. I plan to put $10,000 down but would go as high as $15,000 if needed. 

Which lenders should I be looking at for financing with the best rates for my situation? 

[Harvey26]

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@Anonymous wrote:

In the next 60 days I'm going to be looking to finance a new truck. 

Income $80,000

DTI 12.5%

Credit score are in the mid 600s.

The truck I'm looking at is $75,000. I plan to put $10,000 down but would go as high as $15,000 if needed. 

Which lenders should I be looking at for financing with the best rates for my situation? 

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With you scores in the mid 600s even if you got 0% your payment would be at least 1100 a month. Have you considered looking at one with maybe some good rebates or like an older model. Your DTI is prolly going to scare a potential lender that you buying a vehicle close to your total annual income. Any negatives on your report? Whats keeping your credit in the 600s?

[sccredit]

Truck prices are at an all time high and aside from some 0% promo financing there are very few incentives compared to normal times. If you can I would wait.

[nycsimone]

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@sccredit wrote:

Truck prices are at an all time high and aside from some 0% promo financing there are very few incentives compared to normal times. If you can I would wait.

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What kind of truck are you looking at? There's no such thing as "very few incentives" unless it's a limited edition or brand new line.

On a $75,000 truck you should be able to get at least $10,000 off sticker price. This would include discounts and incentives.

Here's an example:

http://www.billsmithbuickgmc.com/VehicleSearchResults?search=new&minYear=2020&make=GMC&model=Sierra+...

[Girlzilla88]

Actually under 20% is considered Low DTI, at that percentage it is great and typically higher loans you would like to if possible put around 20% down, and there are many places that will do "Luxury" type loans for anything 40k and up.....Sounds like you are heading in the right direction.      The score I would work on since usually they do look for higher scores and close to 6 figure income, but you are right near 6 figures so that is good

[Harvey26]

@Girlzilla88I think his DTI is 12.5% before the truck I could be wrong OP may want to clarify this.

[Girlzilla88]

@Harvey26    That is the way I understood it too

[Girlzilla88]

Max is usually looked at around 40% and so you want to be below that if possible for a higher loan like that or 'luxury' loan but some places will even allow up to 85% DTI (EEEEP)   Yea don't do THAT but it's out there lol.

[coldfusion]

There are a lot of unknowns here but circling back to the OPs original question, what are some suggestions of where he (she?) can start looking for the best available rates given current income, debt load, and FICO scores?

[Anonymous]

Correct, 12.5% before a new truck.