Back in July, I purchased a car for my daughter and financed about $13k with NFCU. My credit was in the low 600's and my credit file was very thin (just got out of a 20 year marriage and am starting over). So, NFCU approved me at at 9.8% interest rate and I have that puppy stretched out to 72 months to get the lowest possible payment. And, this is the first auto loan in my name. Again, that was 3 months ago.
Now, my credit is in the mid 700's and I need to buy myself a car. I want to buy something used for around $25-28K and, I'm wondering if NFCU would consider doing another loan and if I can get them to consider adjusting the APR on the first car down. Do you think they'll do it or should I look to finance somewhere else. Is the first loan too young. Should I pay that down drastically before applying for another car loan? Will the APR be higher everywhere because the car loan is too new.
Help. Somebody tell me what to do. Oh, and to make things more interesting, the bulk of my income comes from child support and alimony. I also have a small business but only give myself paychecks, if needed. So, I REALLY feel uncomfortable with the idea of POI although both my personal and business accounts are with NFCU.
Ok. Nowwwwww, someone, please tell me how to make this work.
Thanks.
The per month savings from refinancing your existing auto loan would be minimal at this point, even at a lower rate, and IMHO not worth the effort. Nobody has ever lowered an interest rate on an existing installment loan that I have ever heard of.
A car dealer will put you in a car with your scores, I am certain. I will caution you that your income depends on someone else, and you have no control over their situation. Please take care not to overextend.
I was divorced 2.5 years ago after a 27 year marriage, and I can relate to your situation. Except my ex-wife doesn't contribute anything, I have the kids, and I just bought a car for one of them at about the same price that you did for yours. Fortunately everything was in my name and I am well established credit-wise.
Thank you. I appreciate the feedback. I can definitely cover the support with wages. I'm just choosing not to because it's not needed. Do you think I should just start giving myself a real paycheck anyway? I never had to worry about proving income before because everything was in his name. This is new and shaky grounds for me.
@kilroy8 wrote:The per month savings from refinancing your existing auto loan would be minimal at this point, even at a lower rate, and IMHO not worth the effort. Nobody has ever lowered an interest rate on an existing installment loan that I have ever heard of.
A car dealer will put you in a car with your scores, I am certain. I will caution you that your income depends on someone else, and you have no control over their situation. Please take care not to overextend.
I was divorced 2.5 years ago after a 27 year marriage, and I can relate to your situation. Except my ex-wife doesn't contribute anything, I have the kids, and I just bought a car for one of them at about the same price that you did for yours. Fortunately everything was in my name and I am well established credit-wise.
@Anonymous wrote:Thanks for sharing! I enjoyed seeing your personality in your post.
You might have already done so but I would suggest calling Customer Service. Sometimes they may not have direct answers but they can shed some light on your situation and options.
I'm looking to make quite a few moves with NFCU two of which are refi'ing my two auto loans and getting a CLOC. A rep in the application dept said since they are consumer loans which are similar products, they will try to use the same credit pull for all three.
Seeing my personality is such a cute thing to say. Thank you. 
I guess I'll call and chit chat with my friends over at NFCU. I'll guess I'll just see if I'd qualify for a second loan with my scores. It's either yes or no. We'll see.
Good luck with your moves. Keep us posted!
I don't know how your business is setup - could be that the tax implications will cost you too much to pay yourself if you don't need to. Self-employment taxes are murder. I would check with your tax people. There are other ways to satisfy the need to prove your income (tax returns, etc.). What is your business?
@kilroy8 wrote:I don't know how your business is setup - could be that the tax implications will cost you too much to pay yourself if you don't need to. Self-employment taxes are murder. I would check with your tax people. There are other ways to satisfy the need to prove your income (tax returns, etc.). What is your business?
I really don't need to pay myself. My business is a C-corp. And honestly, my ex would LOVE for me to report more income. 
@ls2016 wrote:
@ohjoy wrote:Back in July, I purchased a car for my daughter and financed about $13k with NFCU. My credit was in the low 600's and my credit file was very thin (just got out of a 20 year marriage and am starting over). So, NFCU approved me at at 9.8% interest rate and I have that puppy stretched out to 72 months to get the lowest possible payment. And, this is the first auto loan in my name. Again, that was 3 months ago.
Now, my credit is in the mid 700's and I need to buy myself a car. I want to buy something used for around $25-28K and, I'm wondering if NFCU would consider doing another loan and if I can get them to consider adjusting the APR on the first car down. Do you think they'll do it or should I look to finance somewhere else. Is the first loan too young. Should I pay that down drastically before applying for another car loan? Will the APR be higher everywhere because the car loan is too new.
Help. Somebody tell me what to do. Oh, and to make things more interesting, the bulk of my income comes from child support and alimony. I also have a small business but only give myself paychecks, if needed. So, I REALLY feel uncomfortable with the idea of POI although both my personal and business accounts are with NFCU.
Ok. Nowwwwww, someone, please tell me how to make this work.
Thanks.
I have my vehicle financed through NFCU and a 2nd vehicle that I purchased for my daughter financed through Capital 1 on a $50,000 income. I did not have to provide POI for either. Best Wishes!!!
Oh wow! That's SO encouraging! I am pre-approved through Capital One Auto Navigator for more than I need but, I did see a notation for POI. I didn't have to give anything to NFCU and my credit is so much better now so, maybe they won't require anything again.