I can't answer many of your questions, but in my experience (we purchased a car for my spouse last May), we were required to provide paystubs for the last 2 months as proof of income. Even though it is his car, the financing was better by using me as the primary purchaser since my scores were higher.
There is definitely a lot here that is YMMV. Depending on who you finance through and the vehicle you are looking at many of these factors can be detrimnetal to the loan approval or have minimal impact.
The biggest thing hurting an auto approval is your lack of previous installment loans. Banks are always cautious about lending large amounts of money to borrowers that have never shown experience with that amount of money.
Question #1 - POI may or may not be required depending on the lender. WIth your scores you whould qualify for a top tier, which usually doesn't require POI. However, your lack of installment loan history will most likely send the loan request to manual review and underwriting may require that you provide POI.
Question #2 - This also varies from lender to lender. Most will use the YTD on your paystub to calculate the anticipated income for the year. I have seen excepions to this where the lender will use the hourly pay rate and the average hours worked over the last 2 paystubs and calculate that way. One thing to note, most lenders will NOT include overtime pay in their calculations when proving income.
Question #3 - I do not have experience with this, so I am not sure. I know alimony and child support can be counted, but they don't have to be reported. If it were me, I would include it in your income and see if the lender even asks for proof.
Co-signer and Co-borrower are the same. I would apply by yourself first and if there are no approvals you could try adding a co-signer. I have seen co-signers hurt and help. Of note, many banks require the co-signer to be a spouse, parent, grand-parent, or child. The less direct the relationship the less likely the bank is to approve of the co-signer, this could be especially true if they live out of state and have subprime credit.
Oh- I thought co-borrower and signer were different. That borrower meant they had equal responsibility /ownership in the vehicle and were good to help with addtnl income requiremrnts and a signer if I had bad credit then they were just responsible if I defaulted.
This is my mother-in-law, will she count?
Since she has a good relationship with GM, would it be better to go through them?
I was going to do the Cap1 pre-qual last night but changed my mind. I got nervous.
I was looking into a 2016-2018 Sportage or Tucson
Thanks for replying!
The Capital One pre-qual should just be a SP, so shouldn't hurt to try and see what you find out.