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Denied auto loan for 77k. Downgraded options on car to 53k. Chances of Approval good, or high risk?
Car - 2014 Corvette Stingray $60,000
Amount of Loan after down payment and trade in allowance - $53,000
Loan to Value Ratio - 88%
Monthly Income - $5,000
Monthy Debt expenses - $75
Debt to Income Ratio (with Car loan $825 a month) - 18%
Credit Score - 783 (excellent history. never a late payment, missed payment, bankruptcy, etc)
credit History - 9yrs
Employment History - about 2yrs with new company, but 11 yrs in same field. Took a promotion about 2 yrs ago.
I have no rent, no mortgage, no other expenses.
I am just curious if i appear as a high risk, or am i in good shape???

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