@betterdays2011 wrote:How does it work when you are applying jointly for a car loan with respect to credit scores, etc. We need to replace a vehicle totalled in an accident as soon as I am mobile, probably in the next couple weeks. My credit scores ragneg between 700 and 710. My husband's credit scores are higher than mine -in the 720s. But I make more than twice his salary and our DTI is high (41%). Lightstream declined us when we applied jointly. NFCU declined me (assuming it is a DTI issue and maybe credit score). Yesterday, my husband received a preapproval letter for an auto loan from NFCU.
I am not sure what to do. He can't apply alone because his DTI will be too high (I would think) but whatever NFCUs issue is with me could torpedo the whole thing. Thoughts? We are putting $16K down on a vehicle that will range in porce from $22-$28K. This is the exact wrong time for us to be taking out more crediti so I am trying to figure out a way to maybe come up with more cash. So frustrating but we need a car. Any insight would be very appreciated. Thanks.
Honestly, check the dealer. Wth 700 + scores for both applicants and decent income, they should get you multiple approvals.
Is this for a new car? There may be subvened (special rate) financing available via the manufacture. The qualifier is usually 700 or better.
