Originally Posted by detansinn

Working under the assumption that your $12k/mo is W-2 income, your after tax income is probably somewhere around $90k/year or about $7,500/mo. So, a hypothetical loan payment for your 992 is probably north of 30% your net W2 income. That doesn't leave much room for other debts, student loans, credit cards, etc. Beyond debts, if you spent $15k moving into your apartment, you're probably spending a healthy chunk per month on that too. Finger in the wind here, your debt to income ratio isn't working for the borrowing necessary to make this happen.

What about side hustle income? Well, it takes about 3-5 years of history for independent consulting income to be taken seriously by lending institutions. Even then, 1099 income just isn't viewed by banks in the same way as a W2 -- it's almost never recognized anywhere near 100%. Why? 1099 income has to be collected, clients stiff vendors all of the time, and the customer/vendor relationship is fundamentally different than that of a W2. Plus, if your side hustle is throwing off that level of dollars, you're on the hook for substantial quarterly tax payments.

Your girlfriend may have a great credit score, but if her income couldn't cover the 911, her co-signing doesn't necessarily solve your problem. While you mentioned everything else about her family, etc, mention of her income was conspicuously absent. It doesn't matter how wealthy your parents are when you enter adulthood, even a trust fund has to throw off enough cash to cover the nut.

With that, I suspect that you're being denied, because the debt to income doesn't work here. Strong clue? the SA suggested a higher down payment, likely in attempt to get your monthly payment just under the wire to be able to buy this car. The interest rate that will come with that deal will suck, just a heads up.

40 hard credit pulls? That's the kind of detail where I feel like something is missing from the story. It's your business to disclose and what not to disclose, but if you've got 40 hard pulls and are not the victim of fraud, you've been looking at making a lot of big ticket purchases. That's also a lot underwater for that BMW after 3 years -- I suspect that likely wasn't a 60 month loan.

I'm doing my best not to climb on my fatherly soap box here, but having a kid approximately your age, I am going to say it -- a brand new 911 can wait.

Originally Posted by Yzfrr11

I'm betting no

Originally Posted by Maverick787

‘Not totally accurate I have zero debt, and have 3 charge cards and pay the full balance off monthly with a 835 score. The ratings look at available credit vs what I charge monthly as I use my card on 95% of my transactions. The key is how much open credit do you have vs what you use.

Originally Posted by AlexCeres

this is emphatically not how credit scores work. You have a mortgage or a history of paying off loans. If you go fully debt free and cash only for long enough that your past loans are no longer on your credit history, you will get screwed. PNA will not finance you.

Further the aggregate score is not especially meaningful. Auto finance will focus on the subsection of just auto and home loans. Credit cards matter zero for auto loans. Unless they are bad. Obviously bad things always count against you.

credit score is for the credit game.

there are several recent articles (wall st journal or wash post) about more upcoming changes to ensure renters have their expenses attributed as most land lords don’t report to credit agencies

Originally Posted by AKSteve

I used to have no credit. I went to buy a car and was told that I was what they call a "credit ghost" because I paid cash for everything. So I built my credit up to almost 800 and then one day when buying a BMW, I was talked into financing the car to get a sales incentive. I paid the car loan off in the very first month, but my credit has never been the same since. For example, I used my credit card more than normal during the holidays and then in January my credit rating went down 25 points because, according to Credit Karma, my monthly balance had increased by $3,000. So the next month, I made sure to make a payment on my credit card every time my balance got close to $1,000. My balance was almost $0 in February and my credit rating went down another point because...my balance went down. And when my credit rating actually does go up, it'll go up by like 1 or 2 points in a given month. I think my current credit rating is 725 and I've decided I'm just not going to worry about it anymore.

Originally Posted by clutchplate

If you can't afford three of something, you can't afford one.

Originally Posted by AlexCeres

I’m a big fan of this rule.

being able to trivially buy a replacement of whatever it is makes life a lot less stressful.

Originally Posted by Maverick787

Agree partially, you charge enough of a credit card and pay off monthly it will carry weight. Remember your income is the biggest factor, and home ownership on record they will finance you. My argument was my credit score is 835 with zero loans, and agree it’s all a game. When, I was 23 I had a sh*t load of credit debt, and I vowed to never get in that situation again ..........never give the credit folks power if you can.

Originally Posted by AlexCeres

I sympathize. However if you refuse to play by the credit agency game rules, they’ll penalize you in a myriad of ways. If you are otherwise all cash no debt, I’d encourage you to at least consider using the ridiculously low interest rates to finance a car and consider the interest simply the price of the game. Or alternatively buy an investment property with an attractive mortgage rate, and hire a rental company to manage it.

or be like AKSteve above and just don’t give a **** that your rating will be penalized. But someday you might decide to lease because you just want a car for 3 years no hassle, or you don’t feel like liquidating some of your investment assets earning > 5% when the loan will be 3% and want to finance for strategic reasons and then be inconvenienced by denials and higher interest rates.

Originally Posted by GratedWasabi

If you can afford one of something, you can afford one of something. Most people budget things out and don't have the money or luxury to consider purchases as trivial.

Only buy something if you can afford 3 of them is absolutely absurd.

Originally Posted by GratedWasabi

If you can afford one of something, you can afford one of something. Most people budget things out and don't have the money or luxury to consider purchases as trivial.

Only buy something if you can afford 3 of them is absolutely absurd.