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Hi Yall,
My husband and I are in need of a new vehicle.We have 3 children under the age of 3 (all in carseats) and all of us can not fit in our current car. I'm a stay at home mom. My credit scores are in the 750's across all CRA's. I have 3 credit cards with no missed payments and we have a home mortgage that has not had any missed payments. I have never had an auto loan in my name so I do not have an auto score. My husband is the breadwinner. Makes roughly $80,000 a year but has poor credit (600's), with negative activity as recent as 3 years ago (missed credit card payments. The cards were eventually shutdown). How should we go about getting a loan? I have the better scores but he has the income. Should he just take the loan out on his own and call it a day? Or would me being on a co-buyer help in any way since my scores are higher (even though I have no income)?
Thanks in advance.
Many auto lenders don't ask for proof of income
Depending on the lender, they may ask for household/reasonable access to income
You do have auto scores if you currently have regular FICO 8 scores, like that which Experian can provide for free, regardless of whether you've had an auto loan.
Household income should be acceptable.
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@Anonymous wrote:Hi Yall,
My husband and I are in need of a new vehicle.We have 3 children under the age of 3 (all in carseats) and all of us can not fit in our current car. I'm a stay at home mom. My credit scores are in the 750's across all CRA's. I have 3 credit cards with no missed payments and we have a home mortgage that has not had any missed payments. I have never had an auto loan in my name so I do not have an auto score. My husband is the breadwinner. Makes roughly $80,000 a year but has poor credit (600's), with negative activity as recent as 3 years ago (missed credit card payments. The cards were eventually shutdown). How should we go about getting a loan? I have the better scores but he has the income. Should he just take the loan out on his own and call it a day? Or would me being on a co-buyer help in any way since my scores are higher (even though I have no income)?
Thanks in advance.
I haven't had a lender ask me for proof of income since the 90's. I've had at least 5 cars bought at different places, different lenders and no one has ever asked me for POI.
i had 3 auto loans in last 3 years plus an auto refi.....my first lender when i had no score wanted POI.....since then from 665 score up to 740 i have not had to produce POI from 3 different banks....its all in the risk, check out your auto scores and yes you do have one, you just need to access then
@dunn2500 wrote:i had 3 auto loans in last 3 years plus an auto refi.....my first lender when i had no score wanted POI.....since then from 665 score up to 740 i have not had to produce POI from 3 different banks....its all in the risk, check out your auto scores and yes you do have one, you just need to access then
How do I access them? Is it similar to purchasing a regular FICO score?
Would I be better off apply with a big bank or a CU?
@Anonymous I would personally look in to Cap one Auto Navigator or your personal bank or a local CU dont let a dealer shot gon your credit.