Who should apply for loan, me or hubby?

[webhopper]

I would go with a larger down payment and definately go joint on the car. Get pre approved by a.credit union before you go to the dealership. DCU or a local is fine. Make them give you the graduate program or threaten to use your own financing. Dealerships make money by marking up the interest on what's known as a yield spread premium. The financing rate from the bank might be 1.5% but they can quote you up to 3.5% and keep the difference in their pocket. Having your own financing secures your position in the negotiation.

[ficoforumnewbie]

Fantastic advice!

Lastly, I have to ask, are our scores high enough now, or do we have to wait for reports to update?  I should have a higher auto FICO because I have financed two cars—never late.  But DH has higher regular FICO.  How much should we put down on a $23K car?  Finally, does anyone know—if we use the Honda Grad Program now, can DH use it again for Odyssey in a year?

[webhopper]

I don't believe that DCU uses an Auto Enhanced Fico, but I could be wrong.  I know Navy Fed does not, they go strictly off of regular FICO

My advice is to put him as the primary when you apply at DCU or any other local credit union.

For the Honda Financing, they go by Auto, so put you down as primary and him down as co-applicant when you apply at dealership.

Usually rates will be based off of the primary applicant's credit scores.

Your guys' scores are fine for an approval.  I don't see any reason to wait for them to update.

Down Payment may not be required, I'm not familiar with DCU.  As far as the DP is concerned, do what you feel comfortable with.   You could also go for a longer term, such as 65 months or 72 months, to keep your payment low for mortgage purposes (I don't recommend paying the lower payment, I recommend paying more than the minimum if you go this route so that you don't end up upside down if something happens to the car)

I'm also not sure if an income based repayment on your student loans will help, but sometimes you can lower the monthly payment on student loans by going with a consolidation and income based repayment plan.

I did that, and it lowered my payment, and I throw an extra 5k at those loans every year around bonus time so that It won't take me a decade to keep paying them off.  I'm hoping to have mine paid off within the next 2 years. I have 15k left on them.

Sorry for my typos last night I was on Kindle Fire

[Dustink]

I would still get that car paid off before the mortgage app. Just make large payments. Like web said, much better shopping for a house in YOUR budget vs a house in what the bank feels is your budget. 

I would also suggest a 15 year mortgage. 300k @ 3% for 15 years is about $2,100 per month. Even then, still make extra payments. Maybe something like bi-weekly payments of $1,500.