Approval Chances

Anonymous · ‎02-01-2018

First time poster here... My husband and I are in a unique situation. We are in the process of purchasing a house, but because of some open permits, we haven't been able to close. We know that this will get resolved, but have no idea how much longer it will take. We are in need of a second vehicle as I flipped our family truck 8 weeks ago and we have been using his work car for everything. Family of 6 just doesn't fit in a 5 seater. We were hoping to wait to buy one once we closed on our home. He is the only one on the mortgage loan and the mortgage lender said as long as his name isn't on the loan for the car, we can go ahead and get one in my name. Here's the kicker, I am a stay at home mom (no job for 10+ years), but my credit is around 700-712. I do have a few credit cards in my name which have never had a late payment, I just don't have a ton of credit history. My husband makes enough money for a payment, but again, can't be on the loan. What are the chances of me getting approved for a loan? Are we able to use household income? We know our CU will not do a loan for just me. We are looking to get used and stay around $10-$15k. Thanks for any help/advice!

Anonymous · ‎02-01-2018

Typically on a car loan, actually many installment loans, you can not claim other's income as your own. Even though it is your household income, an underwriter would want your husband on the loan with you as he is the one who earns the income.

Anonymous · ‎02-01-2018

Thank you! We thought this might be the case. Guess we'll have to try to figure something else out in the meantime.

Anonymous · ‎02-01-2018

If at all possible I would really consider waiting until you close on the house before purchasing a vehicle. As tough as it may be to get by until then, it will all be worth the wait once you close on your house. Maybe you have a family member who will loan you a vehicle for awhile or possibly check out weekly/monthly rentals and see if any rental car company will rent a vehicle for the time you need at a reasonable price.

Anonymous · ‎02-01-2018

We would rather wait and just may have to. My parents (only close family) have been gracious in helping us, but having 4 kids involved in school, sports and activities is proving hard. Again, I really appreciate your advice!

Anonymous · ‎02-01-2018

I can certainly understand that, but it will all be worth the hassle once you get the key's to your new house!

DeeBee78 · ‎02-01-2018

wrote:
If at all possible I would really consider waiting until you close on the house before purchasing a vehicle. As tough as it may be to get by until then, it will all be worth the wait once you close on your house. Maybe you have a family member who will loan you a vehicle for awhile or possibly check out weekly/monthly rentals and see if any rental car company will rent a vehicle for the time you need at a reasonable price.

Look at Turo.com to see if you can find a local vehicle you can rent for a week at a time, or so. There are tons available around my area that are less than $20 a day when renting for a week or longer.

Anonymous · ‎02-01-2018

Thanks! May look into that, but most likely will just wait until after closing. Appreciate the advice!

Anonymous · ‎02-15-2018

Wanted to give an update that I was able to get a loan. A local CU gave us a loan, no money down, but did have to pay GAP. 2007 Honda Odyssey (not the suburban we wanted, but a wiser choice financially), 6% interest rate with a monthly payment of $190/month. We're happy with it... actually better than we thought. Thanks again for all you help! This forum is a wealth of knowledge!