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Trying for $14k new auto loan through credit union, $2k down, 650 score. Likely approval/rate?
To recap: It's a $16 new car and I'll put $2k down, so I need to borrow $14k. I have a 650 score according to this site.
I've been a member of the credit union for about 6 years and have always been in good standing (not tons of cash, but no bounced checks, overdrafts...).
I make $34,000/year and have no outstanding debt of any kind at the moment.
Anyone want to take a stab at what kind of rate I might be able to get (or if I can even get a loan)? My head is spinning from playing the guessing game.
Asked by
rollingstone35
1 year ago
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two things: how old is the car? year 2006? Interest rates are based on credit score and the year of the car What is your debt to income ratio? debt is the monthly expenses you have (mortage, credit cards) I would say you will get approved with a 6-7% interest rate
blindley 1 year ago
The car is actually a 2010. I meant "new" as in new car, not a new loan (although it is a new loan...). My debt to income ratio is pretty good I think. I have no credit cards or other debts right now. After taxes I take home about $2100/month. I've kept my livining expenses relatively low: rent, utilities, health/auto insurance, phone, food all add up to about $900/month. The reason I don't have more saved up is that I dumped it all into paying off school loans (which I finally did). Maybe I'm better off waiting a few more months and saving up a larger down payment, but I don't know if my current car is going to survive another winter.
rollingstone35 1 year ago
I'd think you have a good shot. Assuming your DTI will be lower than 50%, a CU should approve you given the 6 year history. I'd put it at 70%. Good luck.
hardeight 1 year ago