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How Do Auto Loan Lenders Calculate Debt To Income Ratios

What is Debt to Income(DTI) and how is it calculated. All this and more! LINKS: Website: https://onyxcredit.com/ Facebook:   / 100093314865154   Instagram:   / onyx.financial   YouTube:    / @onyxfinancial   TRANSCRIPT: "​When it comes to getting an auto loan, understanding your financial health is key. Let's talk about Debt to Income Ratio, or DTI. Imagine you're in the shoes of a lender. The first thing they do is calculate your DTI. Here's how it works. Add up all your monthly expenses like credit card payments, rent or mortgage, utilities, and any other regular payments. Divide that total by your gross monthly income, which is the amount you earn before taxes. This gives you your DTI ratio. Don't forget to factor in your estimated car payment and insurance. This paints a clearer picture for lenders. Lenders typically set a cap on your total monthly debt, usually at 50% of your gross monthly income. Understanding your DTI can empower you to make smarter financial decisions and increase your chances of securing that auto loan. So, next time you're considering an auto loan, remember the importance of your DTI. Drive towards financial confidence.  "