DCU Refinance?? Required docs??

[Anonymous]

HI all

Spoke briefley with a rep to get more info on their refinance. We've had a SUV for about the past year @ 6.9% which we're looking to refi.

The truck is in my wifes name who has a decent 700~ Fico. My wife owns her own business with good income but pays herself by writing a check to herself each week and depositing into our personal account. She doesn't have a 1099 or anything. DCU said this is fine and they would just need the past 2 years of taxes. The problem is since the business is only 2 years old she pays herself very little compared to what the business makes... could you guys advise us on how we can go about getting this done?

I'm thinking we can possibly refi through the business but are there any other options? Trying to really leave this nearly 7% interest from the dealer behind finally.

Appreciate any and all suggestions. Don't want to app and waste an HP for no reason.

[cartwrna]

What is her income yearly? Do you have a lot of other debt? A friend of mine just refinanced his car yesterday with them. 23k loan 3.99% APR and annual income of 25-30k I believe. I just refinanced 50k in auto loans with them at 1.49% Tuesday but my yearly income is 70k.

[Anonymous]

Thats the problem 2012/13 income shows Gross of 12k which is much lower than income now... I assume they look at the gross?

[cartwrna]

They do, and unfortunately 12k would be borderline approval if not a deniall, that equates to 1k a month. Id hate for you too apply and be denied wasting a hard pull. I would call and inquire about refinancing it under the business. There CSRs will be able to tell you if it is possible, or ask a loan officer for you.

[Anonymous]

So it is the gross income they look at on the tax return?

Would they only go by those two years? I mean she started paying herself more in the past year or so but that would show when we do our 2014 taxes, correct?

[cartwrna]

Yes it would show on your 14 taxes. They do look at gross income.