Hi all, Most of the regulars on this site already know my credit situation. For the rest, here's the short story: I have 1 year of history, with no bad spots, 5 open credit cards, with almost $15k total limit, one personal loan ($3000). I am thinking of buying a new car at the beginning of the next year, let's say february. By then, the loan will be paid off completely and I'll have no outstanding balances on the cards. What are the chances of getting a car loan of about 20k? What about the APR? I'm currently making 65k, probably by then I'll change jobs, to around 75k. If any loan officer is reading this, what do you think about it?
RE: Auto loan - request for ad I think you should wait to change jobs. 65K is plenty for a 65K loan, assuming any mortgage/rent payment is in line. Interest will be low.
RE: Auto loan - request for ad I don't think you will have a problem receiving an auto loan for this amount. I also think you would receive a good interest rate. When you say you will change jobs, will you be within the same company or will you move to a different one? You should probably try to obtain the loan before switching jobs. Good luck!
RE: Auto loan - request for ad Thanks for advice The question is, how bad would be a job change in my credit history? I mean, I won't relocate, or anything, just go to a different company in the same area.
RE: Auto loan - request for ad If you have been on your current job at least two years, I don't think a job change will matter too much. However, some creditors like it if you remain in the same profession. Maybe because it shows stability as far as a career goes.
RE: Auto loan - request for ad But I'm staying in the same profession. I'm just changing companies. I'm a software engineer, there are lots of companies around and too few people, so they're willing to pay big bucks to work for them... I don't see why a creditor will not agree that moving to another company is a good thing, if you do the same thing and you get a large increase....
RE: Auto loan - request for ad They will only want to see your most recent paystubs and will go by that income. Since I just bought a car before changing jobs, I know. They didnot care that my new job paid more. They just used my old jobs income so far for the year on my paystubs to calculate yearly income.
