Auto Approval Question

[Anonymous]

Thinking of buying a new car next month when a couple past negative things fall off my credit report.  Im wondering, if at that time my fiance and I have about the same credit score, but he has no auto loan history, and I have an auto loan that was paid off...but has the following history showing, is it better to apply under my name or fiances?  At the time I had a loan I was at a job making about 75% less salary than I do currently.  At the time being fiance is unemployed, but we share accounts and everything.

30 days late 4 times nov 2008

60 days late 1 time  may 2008

90 days late 1 time aug 2007

But then since that 08 I was able to get back on track and never missed a payment, even payed more sometimes. 

[SamsungHDTV]

Those lates are so old that you should be fine. I think the difference will be very little if any between applying in yours or his. I'm sure you're fine and that you should get a good rate. If you want to apply for under just one person, lean towards his so that he has an auto loan on his history. Just make sure you're also on the title. But consider applying jointly just because.

[Anonymous]

Thank you!

[Remember0]

What's your FICO score? Which bureau?

What car(s) are you looking at?

Buying or leasing?

[Anonymous]

FICO 670 with EQ, 672 with TU and a 626 with Experian.  Considering buying, maybe new but would consider used.  Not sure what car, probably a Hybrid - budget around 25k wtih up to 10k down.

[Remember0]

So if you apply at a local CU or a CU like DCU, do you only imo. They often don't pull auto enhanced. DCU for example doesn't. With DCU you'd be looking at ~3-5% for 65 months with a 670 EQ btw. If their pull is 675+, it's 1.74% (1.24% with direct deposit) for 65 months.

A dealer will pull auto enhanced and your score there will probably be lower than DH's who has no auto baddies. Just a guess though, I don't know for sure. At a dealer, might be worthwhile to have him run only you first. Use your DCU or local CU approval as leverage. If he comes back with a high-ish rate, you can see if running DH as primary helps significantly.

[Anonymous]

Thanks for your help.  I'm sorry but what does DCU stand for?

[Remember0]

Digital Credit Union out of MA. They have pretty good rates on autos 675+=1.74%, like 640?-675=3-5%. Everyone qualifies to join.