First-Time Car Buyer

[Anonymous]

This is going to be my first car purchase with my husband. He is the only one working at the moment but he makes $25K annually and after all bills and debts, we have about $600-800 left over each month. I have okay credit but no income and he has subprime credit from a collection account but he's employed. I plan on putting $2K down minimum, $4K tops. 

Me: EQ 675, EX 694, TU 669

Him: EQ 730, EX 606, TU 602

We're trying to get the 2012 Kia Soul ! (Exclaim) for $21-23K for a 60-month term from Chase since we bank with them. 

What credit agency would Chase Auto pull from?

Would my co-signing make a difference?

How low of an APR can we qualify for? 

[Chris123nTx]

I could sure be wrong, but in my opinion you will not be financed for that much car. Or, i should say it this way, you should hope no one will. Like i say just my opinion, but you cant afford a 21-23,000 car. With the income, you would be so on the edge that a sneeze could blow you into not being able to cover the cost of the payment and insurance and end bad for you. Shoot for something used for half that price and if you really have more money left every month then save every penny of it, and or double down on payments and you would own something free and clear. Good luck wichever way things go for you.

[Revelate]

Depends on where you live, Chase can pull from any easily.   I know Chase Auto can absolutely pull EX, though I live out in Cali so that's expected.

Your co-signing might make a difference, or it may not.  Ask the loan agent.

As for APR, no clue: Chase does lend to pretty much every strata, but there's a non-trivial disparity between your two scores.  I would also shop around.  The biggest problem you have is likely income, is there any reason you're not getting a similar car that's 3ish years old for around 50-60% of the sticker price?  You'll get a somewhat higher APR, but the payments will be much more afforable on a comparable term.