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Question Re: Approval

Regular Contributor

Question Re: Approval

Almost every dealer I've talked to in the last year has said I need to have my wfie on the loan as well. (2 cars, 2 ppl)

 

My Question: If i am able to get my score to 680+ to be approved for good rates and she is in the mid 600's will they take the lower score for the credit tier approval?

 

The nice part is she is on both my Amex accts as an AU, so as I pay those account balances down here UTL will go down as well as mine.

8/14/2014
EQ: 604
TU: 607
EXP: 610

8/22/14
607, 612, 629
Message 1 of 10
9 REPLIES
Regular Contributor

Re: Question Re: Approval

If you go first on the loan they will use your score.

Message 2 of 10
Frequent Contributor

Re: Question Re: Approval

Why do they want her on the loan? Is it because of debt-to-income, or score?

 

I wouldn't necessarily recommend this, but I have three vehicles financed, all with different lenders, in my name only (it's a long boring story). My scores were in the mid to upper 600s when I financed the latest two, and I wasn't even asked why I had so many auto loans, much less asked to put anyone else on the loan. If your scores get up that high, you might not have to have her on the loan, although you might want to, for the sake of building her credit.

Scores:
07/29/12: EX FICO (Amex) 684 | EQ MyFICO 631 | TU Walmart 695
Current: EX FICO (MyFICO) 733 | EQ (MyFICO) 683 | TU (Walmart) 745

First Goal: 700+ across the board - Got it on EX & TU!!!
Message 3 of 10
Regular Contributor

Re: Question Re: Approval

It may have been DTI, I'm not really sure. They just insisted on it.

 

Over the next few months my scores will go up as will hers since she is a AU on both my Amex accounts i'll be paying down.

 

Thanks for your repsonse.

8/14/2014
EQ: 604
TU: 607
EXP: 610

8/22/14
607, 612, 629
Message 4 of 10
Regular Contributor

Re: Question Re: Approval

I have another question, but didn't want to start another thread.

 

I've heard a lot of people use a Credit Union to get a lower rate or to use it as a base number for dealing with the dealerships. I currently don't have a relationship with any credit union. I'm located in Arizona, does anyone have any recommendations? I don't plan to buy for a few months, should I open some type of account with them to build that relationship with them?

8/14/2014
EQ: 604
TU: 607
EXP: 610

8/22/14
607, 612, 629
Message 5 of 10
New Contributor

Re: Question Re: Approval

If you are prior military then I think you can't find a better CU than Navy Federal Credit Union. I have two vehicles financed through them, both at 1.79%.

Message 6 of 10
Regular Contributor

Re: Question Re: Approval

Not military, but thanks for taking the time to respond.
8/14/2014
EQ: 604
TU: 607
EXP: 610

8/22/14
607, 612, 629
Message 7 of 10
Established Member

Re: Question Re: Approval

That is odd that they are insisting your spouse must also apply with you.  Have you explored any other financing options?  As stated CUs usually have very low rates.


Starting Score: 589 9/1/09
Current Score: 804 8/15/12
Goal Score: 775


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Message 8 of 10
Frequent Contributor

Re: Question Re: Approval


jwills1218 wrote:

I have another question, but didn't want to start another thread.

 

I've heard a lot of people use a Credit Union to get a lower rate or to use it as a base number for dealing with the dealerships. I currently don't have a relationship with any credit union. I'm located in Arizona, does anyone have any recommendations? I don't plan to buy for a few months, should I open some type of account with them to build that relationship with them?


I am in same boat as you (no military relation & no current CU relationship). I am planning to buy a new car in few weeks and as read here I was planning to get enroll in a nearby CU. I called up the customer service to find out their requirements for enrollment since I am not affiliated to any of the organizations that they have listed on their website. As per him I can just walk in and pay a small donation ($5.00) to one of the charitites and become a member. Also they do auto loans to new members. Currenlty they have advertised rate of 1.99% upto 48 months and 2.99% for 48-60 months. If I do a direct deduction that I get -0.25% in auto loan. I am planning to visit them in person sometime this week. I am in NJ

TU Auto enhanced FICO (9/2012): 744
EX FICO (8/2012): 748
EX FICO (6/2010): 739
Message 9 of 10
Highlighted
Regular Contributor

Re: Question Re: Approval

I need to find a CU in Chicago as well.  My 341 meeting is next month and I have to purchase a vehicle after the meeting.

Message 10 of 10