When should I try for an auto loan based on score and debt to income ratio?

MadCat
Contributor

I currently have a family member's auto loan in my name. His family is going to buy the vehicle from me so I can transfer the title and pay off the auto loan. I know my credit score will take a hit from paying off an installment loan early. 

 

I currently have great credit (around 770), and my debt to income ratio is 24%. With my family member's auto loan paid off, my debt to income ratio will be closer to 15%. 

 

Would it be better to take out an auto loan now while my credit is higher? Or later when it's lower, but my debt to income ratio is also lower? 

1 REPLY

Hello @MadCat, it would be best to call and speak to a loan specialist at 800-531-8722. They will be able to assist you further. -Colleen