Not sure what car I want but will probably be used from a private seller.
Would I be approved by PenFed?
Credit Score: 740
AAoA: 8 yrs
Income: 75,000 base
Lenght of Employment: 3.5 yrs
Previous Loan Experience: Auto (paid off 2009), Mortgage, School
Debt-to-Income (DTI): 35%
Other: Bonuses average $6k/yr; DTI would drop to 25% if relocate to new office in 2017.
My guess is that provided the added car payment does not push you above 40% DTI you should be approved.
That comes out to $312.50 a month payment. These would likely be conservative numbers and are based on your base salary. Give them a call, easy to work with IMO.
This current question or car I plan to start with would likely be a used 5-10yr old max AMG Mercedes or Lexus IS-F to work as my daily driver.
I need about 5-10k in an approval and would pay the rest cash myself. I estimate I could pay the car off in 1 year as well.
My ultimate goal with PenFed is finance a used, semi-exotic vehicle for about 50-60k later in 2017 though.
I plan on using this as initial experience as well to establish and get a feel for PenFed.
The PenFed published rates for used go back to 2012 for the cars they will lend against. I would imagine the rate would increase higher the older you went.
Finance a used-semi exotic... As long as you can cover the semi-exotic maintenance. I am curious as to what qualifies as a semi-exotic?
It varies. Usually something that has greater availability on used market and is easier to insure with some common insurers. Also tends to be less flashy or a step below the usual suspects like those associated with Italian animals in terms of cost, performance numbers, rarity.