Why can't I get over 30k Auto Loan?

[sbmike]

Credit Scores are all 750+ with my Experian being as high as 811.

My income is 142,000 gross yearly. Counting my bonus it's 156,000 and counting RSU's (idk if they count these) it's 180,000

I have never missed a credit card payment

My biggest & only loan is my student loans which I've never missed a payment on as well.

I have never taken out any other loan before - could this be the reason?

Also, in case this matters my longest credit account not my student loans in 3 yrs. Is it because I don't have enough credit to be trusted with more?

Does my own age come into consideration as well?

NFCU says I don't even meet their qualifications - They've denied me for student loan refinancing in the past too, idk what their deal is.

[FireMedic1]

Welcome @sbmike 

Who denied you? Was it more than 1 lender?

[CreditCuriosity]

Likely a term called sticker shock especially if you have never had a big loan or bigger auto loan.

[sbmike]

I've had two so far Adelfi credit union and US Bank countered my ask for 50k to 30k.

Navy Federal just straight up denied me though.

[pizzadude]

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@sbmike wrote:

I've had two so far Adelfi credit union and US Bank countered my ask for 50k to 30k.

Navy Federal just straight up denied me though.

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Agree with the comments above, you're likely being denied due to this being your first auto loan. 

What interest rate did USB offer you with their approval ?

[sbmike]

4.49 iirc and it was BMO not USB sorry, had USB in my mind for some reason.

Adelfi 2.6

[increasingmyfico]

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@sbmike wrote:

Credit Scores are all 750+ with my Experian being as high as 811.

My income is 142,000 gross yearly. Counting my bonus it's 156,000 and counting RSU's (idk if they count these) it's 180,000

I have never missed a credit card payment

My biggest & only loan is my student loans which I've never missed a payment on as well.

I have never taken out any other loan before - could this be the reason?

Also, in case this matters my longest credit account not my student loans in 3 yrs. Is it because I don't have enough credit to be trusted with more?

Does my own age come into consideration as well?

NFCU says I don't even meet their qualifications - They've denied me for student loan refinancing in the past too, idk what their deal is.

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   Your lack of experience is killing you there. What type of car are you looking to buy? How much cash do you have to put down? 

[sbmike]

I wanted a Tesla, I'm already putting down 18k to get it to 50k. But I might have to change that and get something else that's cheaper for my first car purchase. 🥲

[increasingmyfico]

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@sbmike wrote:

I wanted a Tesla, I'm already putting down 18k to get it to 50k. But I might have to change that and get something else that's cheaper for my first car purchase. 🥲

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        Buy something around $30k with a low depreciate curve. Keep it for 1-1.5 years and then upgrade to the Tesla. Maybe a $35k ride with $5k down. Keep the rest of your cash and put it to work. 

[sbmike]

Thanks for the advice, probably just going to do that. LA FCU has really low rates for 48 month financing so, I'll get something on the cheaper end so I can have some history of paying an auto loan.