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how would i fair

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how would i fair

credit Score: 720 credit karma (which yes i know is useless but cba to find fico right now)

AAoA: 1 year 

# of positive trade lines:10

# of negative trade lines: 5

Income: 4000

Lenght of Employment: 0  i get my money from disability and other sources

Previous Loan Experience:  3 student loans and 13k car loan i never missed a payment on but did refinance due to it being 9% interest when i got it refinaced at 2.9% last year

Debt-to-Income (DTI): 15% currently but if i got this loan itd go up id estimate to 40%

Year of Car: 2017

Miles: 297

Purchase/Refinance: Purchase

Requested loan term (XX Months): 72

Down payment amount:15000

Co-borrower/Co-Signer: No but could get one with perfect credit if necesscary

Other: i get 15k in december and 60k in may untaxed off a trust + 75k in 4 years 

Amount needed:$80,000

 

 

 

2 REPLIES 2
Regular Contributor

Re: how would i fair

I'm not sure on what the qualification likelihood is for this, but I'd feel bad if I didn't offer some friendly advice. I want to be clear that this isn't meant to be judgemental (I honestly don't care what you do,) but is intended to encourage you to stop and think before you do it.

 

80k for a car is 80k in a rapidly depreciating asset. Expensese for fuel, maintenance, depreciation, and insurance are going to be very high. The fact that you have other debt means it is likely you're already outspending your income; how will you cope when you need even more cash to handle issues? You won't be able to sell the car without taking a huge loss if you can't afford it, because the depreciation expense in the first year is half your income. You'll be hugely underwater immediately and for the majority of the loan with a 15k downpayment.

 

Because you are on disability, your income is largely fixed. Your trust and outside income is very minimal, even if it seems like a lot today. If you want to set yourself up for a great long term future, saving and investing at least a portion of your income is an absolute neccesity. In order to do that, you need to make a budget and be realistic. Don't forget that you're not on a track that affords rapid income growth. You can't just get a promotion to pay off old debts. You can't work a second job to deal with overspending on a car.

 

 


Gardening from 10/1/2017 to 4/1/2018.
Message 2 of 3
Valued Contributor

Re: how would i fair

I think you will have a tough time getting a loan for that amount.  Your income isn't really sufficiant to support the car payment of that size.   You can try but I think you will likely get denied.  

Message 3 of 3
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