Rent and DTI

[Anonymous]

How is your rent "verified" when getting a car loan? Do they just take your word for how much your rent is so they can run your DTI?

My boyfriend and I live together, and I would be applying for the loan solo. So, could I just say I have no rent expense because my boyfriend pays the rent?

[KLEXH25]

That's an interesting question. I'm pretty sure they just take your word for it. I split the rent with my fiancé so I only put down my share of the rent, and I can't ever recall being asking for verification. Do you really pay $0 or are you just trying to lower your DTI?

[Loquat]

Most places will just take your word for it. Chances are, unless your payment is significantly high, it won’t make that much difference in an approval or denial anyway. Best of luck to you as you move through the process.

Have you by chance decided on a vehicle yet?

[Anonymous]

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@KLEXH25 wrote:

That's an interesting question. I'm pretty sure they just take your word for it. I split the rent with my fiancé so I only put down my share of the rent, and I can't ever recall being asking for verification. Do you really pay $0 or are you just trying to lower your DTI?

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To lower DTI any way because I have a small collection account on my report.

[Anonymous]

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@Loquat wrote:
Most places will just take your word for it. Chances are, unless your payment is significantly high, it won’t make that much difference in an approval or denial anyway. Best of luck to you as you move through the process.

Have you by chance decided on a vehicle yet?

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Still kinda window shopping. Looking for an SUV. Liking the Rav4.

[4sallypat]

RAV4 - very in demand vehicle.

Be prepared to pay at or above MSRP - Toyota is in the middle of a parts shortage and is not delivering cars to dealers in the past month.

Their advertising says cash back or low financing, but be prepared for a "sticker shock" if you can find one...

Before going into a dealer, try a soft pull credit car loan bank: Capital One Auto Navigator - it will point you to an accurate picture of your credit  both max loan amount and interest range.

[Loquat]

Have yo given some thought to ordering a vehicle? I don't know what the pecking order is but one would guess that a pre-sold unit would fare better at the production line than one that is just going into general dealer stock.

I could be way off base but something to ask the dealer about if you're wanting to cut down on the wait or the crazy inflated prices that some folks are paying these days for new cars.

[disdreamin]

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@Loquat wrote:
Have yo given some thought to ordering a vehicle? I don't know what the pecking order is but one would guess that a pre-sold unit would fare better at the production line than one that is just going into general dealer stock.

I could be way off base but something to ask the dealer about if you're wanting to cut down on the wait or the crazy inflated prices that some folks are paying these days for new cars.

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I had better luck buying a vehicle that was already in production/ordered through the dealership than outright special ordering something. Granted, they were two different manufacturers, but my special-ordered vehicle took from late April to late July to arrive, while the one I called around and found a dealership had on order (was very specific about trim and color, so I checked a number of dealerships) only took about 2-3 weeks to come in.

Truth be told, it's probably not the best time to buy, but you can still find a reasonable deal if you do your homework and are perhaps willing to travel a bit. If you are set on finding something on the lot locally, I'd fully expect to pay close to MSRP (or higher) at this point though, as others have said.

Good luck with the hunt! And definitely drive the exact trim level you're interested in. I found some trim levels of the Rav to be very nice and others to be pretty awful. Granted, this was previous gen, but even the seating comfort changed as you went to higher trim levels with more adjustability. [edited to add: I put ~1200 miles on a base Rav over a long weekend a couple years ago and would never EVER consider owning a base one after that experience lol]

[Anonymous]

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@Anonymous wrote:

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@Loquat wrote:
Most places will just take your word for it. Chances are, unless your payment is significantly high, it won’t make that much difference in an approval or denial anyway. Best of luck to you as you move through the process.

Have you by chance decided on a vehicle yet?

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Still kinda window shopping. Looking for an SUV. Liking the Rav4.

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Rav4 is a great vehicle. I got mine about 2 months ago.

[CreditPacMan]

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@4sallypat wrote:

RAV4 - very in demand vehicle.

Be prepared to pay at or above MSRP - Toyota is in the middle of a parts shortage and is not delivering cars to dealers in the past month.

Their advertising says cash back or low financing, but be prepared for a "sticker shock" if you can find one...

Before going into a dealer, try a soft pull credit car loan bank: Capital One Auto Navigator - it will point you to an accurate picture of your credit  both max loan amount and interest range.

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This ++

All car dealerships are struggligng with this. So yes, I'd expect car prices to be above their 2019 levels by at least 20%.