Pulling The Trigger Tomorrow!! Will I Qualify?

[Anonymous]

Ok Fico Fam!! Tomorrow I'm heading to the dealer with this setup:

Monthly income about 3600-4000.

Years At Job: 2 yrs

AAoA: 2-3yrs

DownPayment: 2-3k

Car of Interest and Price: 2017 Dodge Charger SE $26000-$27000 after taxes and fees.

Monthly Note: maybe around $350-400

Scores: Fico 8 EQ-712, EX-649 (as of 9/8 could be higher by now), TU-646 (as of 9/8 could be higher)

Auto scores: EQ-647, TU-662, EXP-664.

My EQ is squeaky clean, no collections, hoping they pull that one. My TU and EXP has 3 lite collections, old phone bills that is. I will have to go through dealer and refinance in 6mon-1 yr. Do you guys think i have a good chance?

What are your thoughts?

[Anonymous]

I think you will be fine getting approved, however I doubt your payment will fall in the 350-400 range.. at a $26,500 OTD price with $2500 down you are looking probably in 425+ range at 72 mo's. I would try to get pre-approved through a CU before going to the dealer in hopes of a better interest rate.

I would also suggest possibly looking at a lightly used model of what you are looking for, you could probably pick up a 2016-2017 Dodge Charger SE wtih 20-30k miles for around 17-21k.

[Anonymous]

Makes sense. Appreciate you fam. Only thing is, chargers around 20-30k mileage are close to needing work especially at only a yr old. So this the most affordable i can find honestly. I got denied at PenFed as my f9 was in high 5's. So I may have to refinance later. But I hope to just get approved period. Prayers up and fingers crossed. 

[Anonymous]

what kind of work is a 20-30k mile charger needing? With those miles, they are still under Factory warranty...If a 20-30k mile charger having issue's is a worry to you, realize that sooner than later a brand new one you purchase will be in the same boat. 2016 Charger's come with a 3/36k Bumper-Bumper warranty and a 5yr/60k powertain warranty.

Think about it this way, you could potentially save yourself 6-8k for a lightly used vehicle, cheaper payment, and less inequity. If you wanted to, you could even use some of the "savings" from buying a used one versus new, to purchase an extended warranty for piece of mind. Just my 2 cents, either way let us know what you end up doing!

[Anonymous]

Wow I'm digging the knowledge fam!! Ok i'm going to consider all this.Makes so smuch sense now. I thank you fa real. Going to do more searching now