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Will Penfed Approve Me?

Member

Will Penfed Approve Me?

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%

 Co-borrower/Co-Signer: No

Other: Bonuses average $6k/yr; DTI would drop to 25% if relocate to new office in 2017.

 

 

Message 1 of 6
5 REPLIES
Valued Contributor

Re: Will Penfed Approve Me?

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.

Message 2 of 6
Valued Contributor

Re: Will Penfed Approve Me?

Open ended questions can only get wildly open ended guesses based upon us filling in the open holes....
That being said....Yes you'd be approved

Now for 'what'..... it's hard to tell without knowing how 'used' we are talking?
how old of a car, we're talking?
What % of the car would be financed? 100% vs 80%

Not trying to give you a hard time just saying by simply seeing your profile the best we can say is you don't stink by any means... your credit looks great....the issue is gonna be affordability based upon WHAT you decide to attempt to purchase.

But as a whole IMO you should not have issues being approved depending on what you decide to buy...if the numbers work DTI wise... can't be why you wouldn't be approved.

Good Luck
Message 3 of 6
Member

Re: Will Penfed Approve Me?

Thank you!

 

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.

 

 

Message 4 of 6
Valued Contributor

Re: Will Penfed Approve Me?

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?

Message 5 of 6
Highlighted
Member

Re: Will Penfed Approve Me?

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.

 

Message 6 of 6