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New to the forum. I would appreciate any and all input. My husband and I just joined NFCU. We are looking to purchase a car in a couple of months. My question is my credit score is 731 but I am on disability which is about 19k a year. My husband has a credit score of about 550 and his income is 55k a year. Looking to purchase a used car for about 12k. I have 2 credit cards with a total balance of 2200.00. Should have the balance down to 1000.00 by the time of the car purchase. Could we use household income or should I try to swing it myself.
Your scenerio is very similar to mine. I wanted to refinance my vehicle loans with NFCU and was told we would need to have a joint account. They would also use both our income and his scores I own both vehicle loans solo because my scores were higher and I was allowed to combine income w/o him. Have you checked with CapOne Auto Navigator? You could see what you prequal using all household income. We would qualify for lower rates with NFCU but I don't think the credit pull is worth it to save $40 a month.
I called NFCU and spoke with someone that gave me a lot of good info. that helped me make my final decision.
Good Luck with your auto purchase!
@Anonymous wrote:New to the forum. I would appreciate any and all input. My husband and I just joined NFCU. We are looking to purchase a car in a couple of months. My question is my credit score is 731 but I am on disability which is about 19k a year. My husband has a credit score of about 550 and his income is 55k a year. Looking to purchase a used car for about 12k. I have 2 credit cards with a total balance of 2200.00. Should have the balance down to 1000.00 by the time of the car purchase. Could we use household income or should I try to swing it myself.
You will want to use the household income. They will help you out for sure.
Uhh... What?!?!
$40 p/month over the course of a five year loan = $2400
$40 p/month over the course of a six year loan = $2880
I disagree with your analysis. An HP is absolutely, positively worth saving that kind of money. In my opinion, an HP would be worth it at a fraction of that.
@Anonymous wrote:We would qualify for lower rates with NFCU but I don't think the credit pull is worth it to save $40 a month.
As stated above a HP is well worth $40 a month, the impact of an HP is temporary, just a few months. $40 a month for 6 years is real money flushed down the drain. Heck I refinanced my car twice in a week because I could save interest.