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DCU Refinance?

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sccredit
Valued Contributor

Re: DCU Refinance?


@Anonymous wrote:

@sccredit wrote:

@Anonymous wrote:

@09Lexie wrote:

@Anonymous wrote:

Hi all

 

My wife has a nearly perfect credit report. The only neg is a NYS Sales and use Tax lien which was paid within the same month it was issued. She has a score of 700+ but was wondering if the lien was affect our chances of refi approval through DCU?


Has she financed a car before? The tax lien is paid and it shouldn't be the main reason for denial assuming the other qualifications have been met. 


Hi Lexie. Could you share your thoughts on this? We're currently paying down all of our cards before we apply just to be 100% sure so we have about a month or so.


Join an organization.  To get their lowest rate she'll have to have a 675 FICO


What kind of organization? Ive read a school board? How do we do that? Heh... also have you ever used DCU?

 


I dont remember the exact organization but it is handled in your application process for a new membership.  

 

I have a $10k CC with them but have not used them for auto financing.  

Message 31 of 33
sccredit
Valued Contributor

Re: DCU Refinance?


@Anonymous wrote:

@09Lexie wrote:

@Anonymous wrote:

@Ragelog wrote:


@Anonymous wrote:

Would it be better/easier to refinance through the company? Would they allow this?


Which company? DCU does refinance their own loans if that is what you were asking.

 

Becoming a member automatically opens a savings account with $5 in it. Checking isn't required but a direct deposit into a checking gets the final .5% APR discount. so best rate without is 1.99%.

 

 

Thank you, this is all useful info. Im sorry I wasn't clear. The only thing holding me back is.. my wife owns a business (salon) which makes decent money. She does not recieve paystubs, instead writes a check to herself each week. Total monthly income is around $1600 however the company makes more. Would that income be enough to get approved for $40k loan? Would it be smart/possible to refinance through the company instead of personal? We can show more income through the company. Id prefer to do it through personal but not sure if that income would be fine?


The best thing to do is call them and ask if the do business/auto loans.  As far as your wife's income- if she's self-employed, shell need to provide tax returns (usually 2 years) if they require income documents


We're in the process of catching up with taxes right now... would they accept maybe bank statements and do you think that income is sufficient?

 


In my experience they would in fact use tax returns.  

 

When you apply for membership they can ussually use the same pull for the auto loan so I don't see why it would hurt now.  As far as NADA value, looks like you guys should be fine.  

Message 32 of 33
Anonymous
Not applicable

Re: DCU Refinance?


@sccredit wrote:

@Anonymous wrote:

@09Lexie wrote:

@Anonymous wrote:

@Ragelog wrote:


@Anonymous wrote:

Would it be better/easier to refinance through the company? Would they allow this?


Which company? DCU does refinance their own loans if that is what you were asking.

 

Becoming a member automatically opens a savings account with $5 in it. Checking isn't required but a direct deposit into a checking gets the final .5% APR discount. so best rate without is 1.99%.

 

 

Thank you, this is all useful info. Im sorry I wasn't clear. The only thing holding me back is.. my wife owns a business (salon) which makes decent money. She does not recieve paystubs, instead writes a check to herself each week. Total monthly income is around $1600 however the company makes more. Would that income be enough to get approved for $40k loan? Would it be smart/possible to refinance through the company instead of personal? We can show more income through the company. Id prefer to do it through personal but not sure if that income would be fine?


The best thing to do is call them and ask if the do business/auto loans.  As far as your wife's income- if she's self-employed, shell need to provide tax returns (usually 2 years) if they require income documents


We're in the process of catching up with taxes right now... would they accept maybe bank statements and do you think that income is sufficient?

 


In my experience they would in fact use tax returns.  

 

When you apply for membership they can ussually use the same pull for the auto loan so I don't see why it would hurt now.  As far as NADA value, looks like you guys should be fine.  


Thanks. Yes, this is one of the reasons we purchased this vehicle. It seems to hold its value well. Looks like it didn't depreciate much in the past 7 months or so.

Message 33 of 33
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