Credit Union Auto Loan with no income?

[parkman]

Is it possible to get an Auto Loan from a credit union with no income?

My wife has an excellent score, however, no income.  However, all of my checks are deposited into our credit union account.  If she applies for an auto loan through the credit union, will they even ask about income if they have visibility to regular, bi-weekly deposits?  If they do ask about income, will she be able to state mine as "household income?"

Additionally, if we apply for an auto loan through a regular finance company, does her not having income come into play at any point in time?

Thanks in advance...

[MadMoney]

I do not know of any bank, CU, or finance company which will make a loan without knowing the source of repayment (income).  They will need to calculate debt to income to determine if she could payback the loan.  If they look at household income, they will be asking you to apply for a joint loan.  Just because your wife has a good CBR score that is only one component for a loan officer to assess whether you are creditworthy.  Income is one of the key components; therefore, no income for source of repayment, your chance for a loan for your wife is nil. IMHO  

[parkman]

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@MadMoney wrote:

I do not know of any bank, CU, or finance company which will make a loan without knowing the source of repayment (income).  They will need to calculate debt to income to determine if she could payback the loan.  If they look at household income, they will be asking you to apply for a joint loan.  Just because your wife has a good CBR score that is only one component for a loan officer to assess whether you are creditworthy.  Income is one of the key components; therefore, no income for source of repayment, your chance for a loan for your wife is nil. IMHO  

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Thanks for the reply.

I thought as much.

My score isn't that bad, but her score is a good 50 points higher than mine.  Would it be beneficial to jointly apply since she has a better score, or should i just try on my own, or does it even matter?  I imagine a 50 point swing would affect the rate pretty substantially.

[enharu]

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@parkman wrote:

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@MadMoney wrote:

I do not know of any bank, CU, or finance company which will make a loan without knowing the source of repayment (income).  They will need to calculate debt to income to determine if she could payback the loan.  If they look at household income, they will be asking you to apply for a joint loan.  Just because your wife has a good CBR score that is only one component for a loan officer to assess whether you are creditworthy.  Income is one of the key components; therefore, no income for source of repayment, your chance for a loan for your wife is nil. IMHO  

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Thanks for the reply.

I thought as much.

My score isn't that bad, but her score is a good 50 points higher than mine.  Would it be beneficial to jointly apply since she has a better score, or should i just try on my own, or does it even matter?  I imagine a 50 point swing would affect the rate pretty substantially.

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well, ask them for the rate they can offer if you are to apply on your own. and then compare it with the rate they can offer you if you both are to apply.

if both rates are same, then go ahead and apply without her.

if they are very different, then do it together.

[parkman]

That makes sense, thanks. I was just hoping to save an unnecessary inquiry.

[enharu]

your CU requires different inquiries to get your loan rates? Most CUs are able to use the same pull from your membership (if it's recent enough), or just 1 new pull for several products altogether.

Best to just check with them. Most CUs are not as HP-crazy as national banks though.

[parkman]

Interesting. My wife joined a long time ago. I joined about 4 years ago. I wouldn't want them to use my sane inquiry as back then lmao.

[enharu]

Normally if the last inquiry they did is within 30-60 days, they can just use that.

Give them a call and find out about their policies. They probably can run your credit first, and if necessary, run your wife's after that.