Do you think MB Financial Will Approve me
07-12-2015, 04:54 PM
#1
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2009 E63
Do you think MB Financial Will Approve me
So I wanted to get your thoughts on whether I would get approved.
I want to buy a 2014 c63 with 3k miles...I will pay 72k with tax title license
I will put down 25k
My credit score is 687 with 80k avail credit and 10k debt
bankruptcy discharged 5/2009
paid on time lexus auto lease in 2010, bmw in 2013, then refi'd to credit union and paid that on time
Income is 81k (not verifiable because I work in entertainment and jump from show to show) but I have check stubs
116k addl income varifiable with a check copy (this was a lump sum income for 2015)
I had a repo in 2009
Questions
Do you think they will approve me and if so do u think I can get a 72 month at 3.49 apr ?
Thank you
I want to buy a 2014 c63 with 3k miles...I will pay 72k with tax title license
I will put down 25k
My credit score is 687 with 80k avail credit and 10k debt
bankruptcy discharged 5/2009
paid on time lexus auto lease in 2010, bmw in 2013, then refi'd to credit union and paid that on time
Income is 81k (not verifiable because I work in entertainment and jump from show to show) but I have check stubs
116k addl income varifiable with a check copy (this was a lump sum income for 2015)
I had a repo in 2009
Questions
Do you think they will approve me and if so do u think I can get a 72 month at 3.49 apr ?
Thank you
07-12-2015, 06:02 PM
#2
Super Member
So if I'm reading this right, no debt defaults or delinquencies since 2009 correct? You have also been current and on-time with both the lexus and bmw payments correct? No late payments, nothing that will show up on a credit history pull correct?
If so, I would say you're borderline at best. You do have a few issues beyond the '09 bankruptcy though that MB might flag. You already have $10K in outstanding debt and you want to add another $47K with the purchase of the c63. That would bring your debt up 70 percent of your annual income and about the same percentage of your available credit ceiling. Based on your stated income, which you will have to be able to prove to MB Finance, they may consider that too high a ratio based on your past credit history. You also have to look at the guidelines MB is using for granting the 3.49 apr. Your current credit score of 687 may or may not be acceptable based on what that criteria says.
The best advice I can give you is to sit down with one of the MB Finance guys and simply explain what you want to do and ask if, based on all the criteria you've laid out, whether it's all doable. It doesn't cost you anything to find out where you would stand with MB Finance beforehand. Asking us forum members, who don't work for MB, isn't a substitute for having a discussion with the people who will be making the decision on your loan. Hope this helps.
If so, I would say you're borderline at best. You do have a few issues beyond the '09 bankruptcy though that MB might flag. You already have $10K in outstanding debt and you want to add another $47K with the purchase of the c63. That would bring your debt up 70 percent of your annual income and about the same percentage of your available credit ceiling. Based on your stated income, which you will have to be able to prove to MB Finance, they may consider that too high a ratio based on your past credit history. You also have to look at the guidelines MB is using for granting the 3.49 apr. Your current credit score of 687 may or may not be acceptable based on what that criteria says.
The best advice I can give you is to sit down with one of the MB Finance guys and simply explain what you want to do and ask if, based on all the criteria you've laid out, whether it's all doable. It doesn't cost you anything to find out where you would stand with MB Finance beforehand. Asking us forum members, who don't work for MB, isn't a substitute for having a discussion with the people who will be making the decision on your loan. Hope this helps.
