Full time medical student looking for auto loan

[Anonymous]

Hi, I am a full time medical student who is getting federal loans to get financial support.

I have high undergrad/grad debt totalling little over $80,000 currently. (ouch)

I also carry a credit card from my credit union($3000), and 3 store credit cards (~$1000 each)

My credit score with equifax back in march was 652.

I am thinking about getting a car this coming fall/winter. (Planning to save up about $2000 for downpayment, finance a car: $10,000~12,000)

I was looking at Nissan Versa or something similar. (from hertz website...)

I was told from my credit union that I can use my student loan as a source of income when applying for the auto loan (after the tuition), which comes out to be around $28,000.

I know this is not the ideal situation(getting a loan based on another loan), but I am an independent student that is in need of a car this fall.

Would I be able to get approved for a loan from my credit union? (best option I think) or any other dealerships when I have such a high student amount? And I am not sure if using my student loan as a source of income is common for students when getting auto loan or potentially damage my credit score. Would it be better for me to just save up ~$4000 by next year and get a used car with that money? should I look up my credit score using this website instead of Equifax in the future when I look upp my score?? ( not sure about the difference?)

Also on a side note, if anyone can suggest a way to improve my score up to 660 or higher before I start shopping, I'd appreciate it.

Thank you!

[Anonymous]

Nissan is doing 0% financing for 36 months and 1.9% for 60 months. http://www.nissanusa.com/buying/nissan-financing/current-offers.html.

If you want advice on bringing your credit score up get a secured credit card. After a year they will probably turn it into an unsecured card.

[pizzadude]

I believe that lowering your CC ( revolving ) utilization to approx 9% or so is usually the best way to quickly bump your score.  

I don't have any experience with using Student Loans as income for finance qualification, but it seems to me like it would make sense to do that, as the lender must have proof of some type of income in order to make a lending decision.

In terms of buying used vs. new, I would think that you could prob find a decent used car to get you through the remainder of your schooling.

Good Luck !

[Anonymous]

applying student loan as income to a car loan is something I have never heard of in a Dealers Finance setting. Things may  have changed but I doubt it.

If your credit union is saying it is something they will do I would have to tell you to explore that option.

Conventional financing is going to want to see income in the area wher eyou can pay your bills.