Hey guys i need an opinion so i just Bought a hellcat about 2months ago for 60k @ 5% for 72months and i really wanted to get a gtr but i got a little impatient and bought the hellcat... soon i will be pcsing to el paso (leaving hawaii) so here is the situation the bah in hawaii is extremely high so it makes my income look high(72k/ye) now when i get to el paso my overall income will come to about 60k what should i do guys ? Should i sell the hellcat before i leave hawaii and get preapproved for the gtr? (About 90k) take into consideration my dti will be 0 because i will have no credit card debt and my score will be slightly higher than what i have now
I'm no financial expert but I dont think buying a car that has a sticker price of 150% your annual income is a good idea. Considering that is including bah. So I'm sure you will have at least some kind of rent to pay? Plus I'm betting you lose money on the Hellcat.
Is 60k your projected household income or do you have a spouse/significant other?
If its just your income I would suggest selling the Hellcat and buying something more affordable. If you have a 2nd income to rely on. Provide that information so we can provide you with better suggestions.
Gotcha, does navy let you include your household income for auto loans? I have down that previously for credit cards and cloc. But not sure if you can for an auto loan.
If your concerned about being approved and dont want her to sign with you. Maybe just do it now? If it fits your budget and your okay losing on the Hellcat.
Well since i just got the hellcat ill be upside down a few grand so if i apply in april i should be able to sell it withought negative equity and my platinum card Will be paid off in april aswell so my dti will be basically 0%
I see, yeah it's hard to say. Best case scenario is wait and pay off your platinum card and try not to lose money on the hellcat. Then apply for GTR, but with your income going down to 60k they might not approve just you being on the loan.
I dont think its impossible to get approved for the car with a 60k income. But I think it might take a really good credit score and/or providing navy with savings or any other assets you have as collateral.
Any specifc reason why you dont want apply jointly?
Well she wants to get a gt350 under her own name so we dont want our DTI being high on our credit worst comes to work we can co sign but tbh i dont think i will be needing it , right before i leave ima send it and apply with my current income of 72k
