Should my auto loan get approved?
Eric Humphrey Asked: Should my auto loan get approved?
On Saturday I drove home a used 2010 Infiniti G37 that I purchased from a dealership.After trading in my car, and putting $15K as the down payment, I will be financing $18,623.28. The lowest financing rate the dealership could find for me was 4.9% with SunTrust bank, so I went with that.So I currently have an Installment Sales Contract with the dealership where I must return the car if the loan is denied.
Here is my background info:
Age: 24
Occupation: Software Engineer
Gross Salary: $68,500
Years at Job: 1 yr. 11 months
Current Credit Score: 837
Current Mortgage Payment: $1,328 (I've owned the house for 1 year)
Should I be worried that this loan will get denied by the bank?I'm hoping that my near perfect credit score and my down payment of $15,000 should help get it approved.What do you think?
Answers:
You're probably OK… but it's always a guess. Nobody on here can tell you with any certainty.
You have a great credit score, but that's not always a sign of approval. If you don't have the "right kind" of credit (good vehicle loan history), you might have a chance of it being denied, or they might come back and say they will only finance a smaller amount. With your down payment being large, though, my guess is you will be approved.
Your loan will not be denied. And it probably wouldn't be if you only put $2000 down.
However, 4.9% is too high. Call some credit unions. You should be able to get one from 2.5-3.5%.
With an 837, your salary & the amount down, lenders should be lining up to lend to you.
Penfed has 2.49% car loans. I joined just for a 5% cashback gas card & some high rate CDs years ago.
If you insist on paying 4.9%, you are going to pay WAY more than you should.