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Stay at Home Mom Needing a Car Loan

NRA414
New Member

Stay at Home Mom Needing a Car Loan

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.

Message 1 of 9
8 REPLIES 8
Dumbee
Established Contributor

Re: Stay at Home Mom Needing a Car Loan

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.


Smiley Embarassed
Personal/40.15K Biz/23K POT/17K
Message 2 of 9
Shooting-For-800
Senior Contributor

Re: Stay at Home Mom Needing a Car Loan

Household income should be acceptable.

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2021.

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Message 3 of 9
Morehouse3000
Established Contributor

Re: Stay at Home Mom Needing a Car Loan


@NRA414 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.   

Message 4 of 9
dunn2500
Frequent Contributor

Re: Stay at Home Mom Needing a Car Loan

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

Message 5 of 9
NRA414
New Member

Re: Stay at Home Mom Needing a Car Loan


@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?

Message 6 of 9
NRA414
New Member

Re: Stay at Home Mom Needing a Car Loan

Would I be better off apply with a big bank or a CU?

Message 7 of 9
Loquat
Moderator

Re: Stay at Home Mom Needing a Car Loan

Have you tried using Cap One's auto navigator to at least get an idea of where you and your husband will land? Try there if you'd like.

As for the need of POI, no one can really say what a lender will or won't need for approval. If something gives them a reason to pause and ask for such, you'll need to provide or your app will be declined.

With that being said, even with bad credit, auto loans aren't all that hard to get anyway. Sometimes, even though I know around these here parts we try to educate others to try to do a lot of the leg work towards financing themselves...but there are times when one needs to just let the dealer do what they do with hopes of getting a decent rates and possible refi down the road.
Message 8 of 9
Harvey26
Valued Contributor

Re: Stay at Home Mom Needing a Car Loan

@NRA414  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. 

Message 9 of 9
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