When? to apply for auto loan after paying down debt and new job.

[Anonymous]

Credit Score: TU 618 EQ 650

 Income: 50000K

Lenght of Employment: less than a year

Previous Loan Experience: none

Debt-to-Income (DTI): 10%

Year of Car: 2009

Miles: 60000

Purchase/Refinance: 30,000

Requested loan term (XX Months): 60

Down payment amount: 2-10K

Co-borrower/Co-Signer: no 

Other:

My husband is signing a military contract at the end of next month. As of right now he has very high (97%) credit utilization. He will be recieving a substantial bonus that we are going to use in part to pay the balance on his cards which should raise his credit score quite a bit. How long after that can we apply for an auto loan with the above qualifications? The only bad marks on his record are two late payments (30 days) last January. Our plan was originally to wait to apply until the fall, but it would be much more convenient to buy a car in early May. We were going to apply through Navy Federal asking for 30,000. Is this amount possible? As well, what year and mileage do they typically want for a used car? 

Thanks! 

[Creditaddict]

should be good about 30-45 days after you pay everything off for it to update to the credit reports.

year, make and model will really depend on how much they will want to lend and if it's known to hold it's value a little better and be realiable and such.

[Anonymous]

Do you think we have a good chance of getting the 30,000 or should we expect less? We've always paid cash and have no history of auto loans so I have no idea what to expect. Thanks. 

[KittySurgRN]

Unfortunately my scores are lower than yours. (Still negotiating for PFD) However, I applied for a 30k loan with my CU and got the approval the next day. My interest rate is 3% for a 4 year term. I went through NFCU.  Good luck!