Need an Auto Loan

[TraumaDrea]

paying off POS car today... I have never been late, I am paying it off early.  I need an newer car, but my FICO scores are like 630, 667, 645 will I get approved?  Can I use Hubby as a co-signer since my credit scores are low his are much higher and our combined income is more then 3x my own income.  I have long standing employment, I am rebuilding my credit, paying off medical bills which are what is bad on my credit report.

[04Cobra]

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@TraumaDrea wrote:

paying off POS car today... I have never been late, I am paying it off early.  I need an newer car, but my FICO scores are like 630, 667, 645 will I get approved?  Can I use Hubby as a co-signer since my credit scores are low his are much higher and our combined income is more then 3x my own income.  I have long standing employment, I am rebuilding my credit, paying off medical bills which are what is bad on my credit report.

Having a previous auto loan that's paid off and never late is a definate plus. When I purchased my car last year, my FICO scores were mid 600's but the dealership I purchased at used an auto enhanced FICO that measures auto loan payments. That FICO was in the 740's I believe. Needless to say, I got a great rate and the rest was history. YMMV of course. 

You can always try your your current financial institution. If you're not approved on your own, a co-signer with stronger credit may help. Good Luck

[JMTNEVERTRUSTANOTHER]

I am not saying your husband is not trustworthy, but I would suggest another plan.  I you can wait a little while before your purchase, Lexinton lawfirm has an excellent monthly rate and they can and will help you with your credit score.  Why not build your own credit and get an excellent rate.  you already have an excellent job stability.

I just purchased a 2014, brand new Ford Edge, ordered to my exact specifications with a rate of 3.4%.  My scores were below 500 just aa year ago and Lexington helped me to get my scores up!!  I chose a ford due to a lot of their unique navigational and safety features and its a V 6 luxury SUV midsize which is what I need since I do not drive a lot of miles but when I do I want comfort.  Also this forum helped with the info about the Auto enhanced scores explanation.  If you do not know about these scores i strongly suggest researching them thoroughly..

Nothing against your husband but I have learned the hard way to take care of your own financial matters if at all possible.  It will only help you  both in the future.

You can probably get an auto loan now but the rates most likely will not be good which could really drive up your monthly payments and terms.

[StartingOver10]

Stay away from Lexington ..

You can do all the same things better here, yourself without having to pay the monthly fee. Plus you learn the actual concepts to keep you out of trouble with your credit.

I do agree with Judy's point about doing the loan on your own if you can do so. It is better to establish your own credit separate from your husband and have few if any joint accounts.

[JMTNEVERTRUSTANOTHER]

I do not know about your experience but the have successfully reoved almost 50 items from my credit report. Unless you are an attorney or have inside info with the credit agencies, it would take an enormouse amount of time to send all the letters directly to the creditors and the agencies and continue to escalate until they are gone.  it has worked for me.  Yes, some of the creditors try to come back at you but they just continue to escalate and a letter from an attorney does get more attention.  This has been my experience.