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Hi everyone,
I'm hoping to qualify for an auto loan in the next few months. My scores are in the 690-730 range, with some ancient baddies falling off in the next year. I have work to do to get my student loans right again, though somehow they're not showing up at this time. But right now I only work part time, with super erratic income. I might pull down $20K if nothing changes. Obviously I am hoping to get hired for real, but being conservative for the purposes of this discussion I'm sticking with the PT figure.
My husband is the real breadwinner @ $150K. He/we haven't always done this well, and he has some real baddies including a foreclosure and car repo in recent years (2010-2013-ish reporting). His scores are considerably lower, in 630-land, and I'm sure his auto-enhanced score would be even lower.
We live pretty frugally thanks to hard times habits formed, with very low ongoing monthly expenses relative to our income. Our cards are single-digit util. We can easily afford monthly payments on the modest used cars we're considering, and could afford payments for quite a while should financial disaster strike again. But does this even matter to a lender, or is it all about the score?
Are auto loans like credit cards, where I may count his income as my own since I have "reasonable access" to it? If not, can I co-sign his loan and hopefully he'd get a lower rate than whatever he'd qualify for, if he were to qualify at all? Unless I get hired full-time soon, I don't see qualifying on my own.
Thanks!