Applying with wife for auto loan. Wife is primary (she'll be main driver), I'm secondary or "co-applicant" on loan.
Her:
- TU 770 EQ 775
- Three credit cards, $10k available credit, less than $100 current combined balance.
- AAoA 10 years
- No baddies
- Income: $10K last year (she works part time--mostly a stay-at-home mom)
- One previous car loan, paid off in full in 2007 with no lates
Me:
- TU 743 EQ 730
- Two credit cards, $3800 total available credit, $150 current combined balance.
- AAoA 10 years
- Two paid collections ($25 each), almost 6 years old
- One 30-day late, almost 5 years old
- Income $72,000
- DTI: Less than 10%
- No previous car loan. Only installment loan I have are student loans, which I've never been late on. Own house outright (paid cash, so no history of mortgage).
We are buying a 2011 Honda Odyssey. Putting $7,500 down, which should be close to (if not over) 20%. We're financing through dealer via the CUDL program, so I'm assuming financing will come from one CU or another. My only concern is that I'll be dragging my wife down since I'm technically a first-timer w/no previous auto loan. But since she had one, it won't be considered a first time app, right? Also, since I make more $$ than her, will my credit weigh more than hers, or is income basically seen as combined when you're married? I'm assuming we'll qualify; I just want a good rate, like in the 3% range. Thoughts?
