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auto qualification

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Established Contributor

auto qualification

How much income would you need to have coming in for 55k vehicle with only bill being 1,600 rent? Income yearly 52k alone and 75k with spouse 

3 REPLIES 3
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Moderator

Re: auto qualification

There are a of factors that will come into play besides income. Your overall credit profile, previous auto loan history, debt to income, etc.

If you can chime in with some details I'm sure you'll get some of us who can chime in with that we've seen in the past.
Message 2 of 4
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Established Contributor

Re: auto qualification

Okay maybe this will be helpful? 

 

AAoA: mine 9 Years, 9 Months spouse 8 Years, 9 Months

# of positive trade lines: Me 7 Spouse 3 or 4 depending on CBR

# of negative trade lines: not sure if this means collections paid open lates etc. Last late 2 yrs ago.

Income: 76k

Lenght of Employment: 13yrs

Previous Loan Experience: Current auto with First Investors 402/month 7k left

Debt-to-Income (DTI): Me 12% Spouse

Year of Car: 2020 BMW X5

Miles: 6,600

Purchase/Refinance: Purchase

Requested loan term (XX Months): shooting for 48 or 60 months

Down payment amount: not much 1k don't do huge down payments

Co-borrower/Co-Signer: yes spouse higher score mine is lower

Other:BK 2016 chp 7

Amount needed:$53,000

Message 3 of 4
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Established Contributor

Re: auto qualification

bump

 

Message 4 of 4
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