First of all, thank you for anyone who can help me with this. And I'm sorry if my question has been answered before.
My fiance and I are looking into buying a very slightly used or brand new Dodge Caravan. (We have 3 kids, possibly another on the way) I'm looking to pay no more than $21k for the car itself brand new. I'm not sure what amount of fees there would be, or what the taxes would be on it. I'm guessing dealership fees would be no more than $1,000 or something combined. Taxes I have no idea.
I have about $10k to put down.
This is what the big picture looks like:
Credit: My score is 624, but it may fluctuate a bit by the time I'm ready to purchase. I have a Cap.One CC that got charged off, but I paid it in full. I believe that is due to fall off in a year or so. I currently have a Secured CC from my bank, that I have been paying off completely the past 5 months. I also have an Express C.C. that I literally just got approved for. Those are the only 3 lines I have, and a few inquries.
My fiance's credit on the other hand is shot basically. Last time I checked her score was around 510 or so. She ruined it on her current car, I think she has about 21 missed payments. However, she has a long credit history, with C.C.'s, Auto loans, and Student loans...but the student loans are deferred and are pretty high I believe. She also just got approved for a Cap One C.C, $300 limit.
Income: My income is about $17k/year, possibly a little more since I go full time for 2 1/2 months over the summer. I've been employed for about 5 years at this same job. My fiance's income is about $24k/year, and she has also been employed for 5 years.
Collateral: Hopefully a brand new, 2014 or 2013 Caravan. (since they are so dirt cheap and we need the space)
Loan amount & down payment: Not sure what the loan amount would be exactly....I can't foresee a loan being higher than $13k MAX. I have $10k to put down, and also a trade in worth atleast $3k, I'm pretty sure it's worth more.
Transaction type & loan terms: Purchase. Hopefully a 5 or 7 year loan.
I would be the co-signer for my fiance, I don't drive so the loan can't be in my name (or can it?). However I have a very limited credit history, so I'm not sure I'm her best bet...but we have no one else.
Am I crazy or dreaming to even be considering this? Am I missing something huge? I just figured with such a small loan on a brand new car...maybe we could get approved because of the colateral itself. The bank would make money if they had to repo it.