Auto loan question?

[Anonymous]

Hello all! 

I had a couple questions regarding getting an auto loan. I have huge differences score wise between autos and mortgage/fico8/9 scores. My fico8 scores are between 690-710 and my mortgage scores were between 680-705. However, my only baddies on my report were from 8 auto loan missed payments with 6 30s and 2 60s on a loan I co-signed for (stupid mistake) I have since taken over payments and have been accelerating the payments with over $10k paid in the past 4 months. I am down to 1 payment remaining and am looking to finance a new car in the $25k range. My newly acquired mortgage will hit the reports prior to my auto loan being closed and I have several open student loan installments as well. My score will definitely be a bit suppressed with obtaining a new credit card and mortgage but hopefully not a big drop. 

my dw owes $3k left on her car and we are going to pay that balance off once we get the new car loan on the reports as to not lose an installment for her (she is not on the mortgage) her balance is paid under a year remaining for payments and in two months it will be under 4 months from accelerated payments. 

we are tired of using only one car. My fico autos range from 626-650 which puts me in subprime category but her Ficos are all in the 750 range for fico 8 and fico autos. Now with a mortgage I know they take the low score but when it comes to auto does signing together on the purchase help to mitigate my low scores? Also, which lenders use fico8 or 9 as opposed to auto scores and would there be a benefit going through them? My question is does her excellent credit for fico auto scores mitigate my sub prime credit? Which score will they use for the tier and interest rate/promos? 

thank you! 

[BmoreBull]

 Not 100% sure, but I believe they'll use the higher score. That may also result in her name being first on the loan, as in being the primary owner. So as long as you are both ok with that, you should be fine. I see that you're a member of Navy, they pull EQ 9 I believe for loans. The only car financing that I have experience with, is Toyota/ Lexus. They pull all three auto 8's and then use the highest score. Not sure about other banks. 

[Anonymous]

@BmoreBull that is actually excellent information! We are planning on buying a Toyota and applying through Toyota for financing. We would definitely be okay with that. I was just curious because her auto scores are higher but my income is significantly higher. (we do share a bank account so have access to both incomes)

So I was not sure if that would play a factor or not. We are applying for joint credit so we aren't super concerned about who comes first on the loan we mostly just want the best rate/promos available! 

I appreciate you taking your time to answer! That is definitely good news about Toyota though and taking the highest score. 

[sccredit]

In my experience with Toyota, Infinit and Subaru/Chase they will base it off the higher score.

[KLEXH25]

They'll go with the highest score. I bought a Mazda and got my financing through Toyota (dealer had access to their financial services) and they gave me the best deal by far. Good luck!!

[Anonymous]

@KLEXH25  that is awesome! Thank you for that. We are applying through Toyota I was just worried that because my income is much higher they'd be more concerned with my scores but I am glad we will benefit from her higher scores and my higher income especially since the mortgage and new card will take my scores down a bit (mortgage just in my name) hopefully we get a good deal.