DCU vs KIA financing?

[guruum]

Hello, looking to buy our first as a couple.

HIM: 

Credit score: 760s
Income: was 58k, projected to be 150k starting Aug, currently ~2k month as 1099

Debt: 300k school loans

Me: 

Credit Score 720s,

Income: last year 60-70k, working as a travel nurse now and looking at min gross 10k a month/130k a year (starting this month)

Debt: 50k school,

Also have a past history of paying off a 2015 corolla with dad as cosigner

Should I apply for the loan on my own, or add husband as a cosigner for his credit score? He will probably need a history of auto payments too if he wants a truck in the future. I'm worried about triggering an income review if I add him because he graduated dental school, worked a year as a noncat intern, is now working as a general dentist while trying to get into an actual residency. His DTI is just very messed up. 

We're looking at a 65k car (best price we could find for this car with a 4k markup), and we want and need this car by the end of the month. Went from 2 to 1 car last week after his car died and mine decided to get damaged, and I'm traveling and he's about to start commuting 6 days a week approx 40 minutes each way. 

Will our changing incomes be a problem? Prior to this contract, I was averaging 6-7k gross monthly but took a month break between my last job and starting this contract. 

Thanks  

Oh, and I've been with DCU for about 10 months now. 

Also, how does it affect hard inquiries if we apply separate vs cosign or both? Would we see one or two inquiries if I applied to DCU solo, and then to KIA together? 

[JM427]

@guruum  On the inquiry front, you would each get an inquiry for each loan application you are included on, so in the scenario you mentioned, 2 for you, 1 for him.  The thing with auto inquiries is all inquiries coded for auto loans within a 14 day window only count as one per credit bureau report for scoring purposes, although lenders will be able to see the actual number of raw inquiries.

Based on what you are showing, I would check Cap1 Auto navigator for a soft pull pre-qual just to get grounded in what terms to expect.  I would think although I am no expert that you should be able to get the financing, the interest rate may be a little higher then the best thats out there.

[Kforce]

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@JM427 wrote:

@guruum  On the inquiry front, you would each get an inquiry for each loan application you are included on, so in the scenario you mentioned, 2 for you, 1 for him.  The thing with auto inquiries is all inquiries coded for auto loans within a 14 day window only count as one per credit bureau report for scoring purposes, although lenders will be able to see the actual number of raw inquiries.

Based on what you are showing, I would check Cap1 Auto navigator for a soft pull pre-qual just to get grounded in what terms to expect.  I would think although I am no expert that you should be able to get the financing, the interest rate may be a little higher then the best thats out there.

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^^^ This is sound advice.

I would pre check SP with Cap1 for a range. 

Let both DCU and Kia give real numbers.

Had a loan with Kia, no issues, easy to deal with.

Loan works like NAVY SSL, if you pay extra, they push out due date.

Can use car loan like SSL for credit mix if you don't have other loans.

[guruum]

So, I had no problem getting prequalified through C1. I was seeing interest rates around 5.x percent for tellurides.

My husband couldn't get prequalification through C1. He was getting triggers to submit additional financial information. I tried a joint soft check, and it still was asking for financial information. 

[guruum]

I ended up just applying to DCU by myself, 62,500 with a 3.74% fixed rate.

When we go to the dealership, I'll try for a joint application and see if we can match that or go near it. 

[JM427]

It is always better in my opinion to walk into the dealership with acceptable terms in hand.  The dealer at that point has very little leverage to jerk you around if they are so inclined.  Congrats!  Keep us posted on how things finish up.

[guruum]

Went to the dealership to get the paperwork out the way. Car should be arriving July 26, as the current date. (moved up!)

Anyways, we decided to apply join to Kia since husband has no auto credit history and he wants a truck in a few years. Through Kia, they originally offered us an APR rate of 5.75 for 68 months I think it was. Showed the DCU offer letter and they were able to bring it down to 4.75.

I think 4.75 is still high compared to 3.74 but I think given the current circumstances, it'll be fine. My worst fear now is that the car gets delayed to next month and we have to resign the papers with the new APR rates for next month.