Ok so my wife and I just got marrried October 11th, I am currently in need of a new car in the near future as my 2005 scion tc has over 133000 miles and is having a few mechanical problems that are becoming more expensive when compared to the value of the car. I still owe 5400 on the loan and the blue book value for it in fair condition is slightly under 5000 so i will most likely roll negative equity into the next car depending on when I decide to buy. My scores are 646 EQ aand 660 TU not sure of EXP now. So I have a few question
1. I can only really afford a 1-2000 down payment and am looking to buy a car in the 25000 range. Could I get appoved? My only negatives on my scores are late payments 3 years ago on the current car loan with 1 being 90 days late and a couple 30 days but all over 3years ago. and a collection for a credit card currently payed down from 5500 to 900 right now through a collection agency. I have no late payments on anything in over 3 years and my current debt ratio is 22%
2. My wife doesnt have great credit either but its probably close to mine or slighty lower in her opinion but she has never checked, would it help me or hurt me if she was a cosigner on the new car loan? Her credit negatives she says are all card related not auto
3. Should I consider joining a credit union and how soon can you apply for a loan once you join? Also can you apply for a loan without being a member? And is there any good in considering the Capital one auto blank check program, could I get approved for either?
may 6th 2008 TU 609/ EQ 588/ EXP 621 july 25th 2008 TU 607/ EQ 617/ EXP 627