Credit Score: EQ 607 - TU 649 - EX 645
AAoA: 6 Months
# of positive trade lines:8
# of negative trade lines:0 - edit
Income:45000 / 68k GF is co applicant
Lenght of Employment:1 1/2 years
Previous Loan Experience:none
Debt-to-Income (DTI):15%
Year of Car: 2014 Accord Sport
Miles: NEW?
Purchase/Refinance: Purchase
Requested loan term 60 Months
Down payment amount: 1000
Co-borrower/Co-Signer: Depends
First time looking for an auto loan.Currently have about 50% util but before applying will be closer to 15-20%.1 baddie (30 day late) on oct 2012. Oldest account 2yrs old the reason for me low aaoa i opened 7 accounts from dec to feb. GF is willing to co sign she only has 1 credit card opened 4 months ago but was wondering if her added income would give me a better deal? (also not worried about her leaving or needing her financial support to pay for the car)
@Remember0 wrote:If you get util down to <20% (you need to wait till the cards start reporting the lower balance to credit reports), I think your FICO will be significantly higher.
It won't be her income that gives you a better deal, but rather her (probably) higher scores.
What is your rent/mortgage? And what will the aggregate minimum monthly payments on cards approximately be when you apply?
As it stands, I think you can get approved by yourself if DTI is okay (why I asked you about the rent + min pmt). If I had to guess, you're looking at ~4-8% with Honda. If you have a local bank/CU, I highly recommend applying there first after the util updates, but before going to the dealer. If not, maybe apply online to BofA or CapOne (I'd try BofA first).
Also cosigning can help lower rate, but I am never in favor of people cosigning for others personally.
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I agree I have balances on 5 of 8 cards I will pay off all except one which will bring my util around 15-20% and it should boost my scores.
Rent is 500/ Month - Credit cards min payment on all is about 250
The only reason she would co-sign is to have Honda Financial feel a bit safer giving me the loan with a higher income.
@Remember0 wrote:Income is not going to be a problem here. By yourself, DTI is fine. After you pay off cards, you may very well hit 680+...hopefully the dealer pulls 680+ which should allow you to get under 3-4%.
Aain, this is less of my business, but co-signing usually doesn't have happy endings at least with the stories I see. If at all possible, and in this case you don't need a co-signer, I highly recommend doing this by yourself esp. if it's your car and not a joint car.
BTW, helped someone I know buy an LX recently. It's a pretty awesome car! Also just look at the 2015 Camry before buying. They just released pics of the redesigned Camry today. I think Accord still wins out, but it's something to look at.
Thanks for the advice. Sadly i think i am going to pass on a new car for now and will settle for something a bit older because of insurance prices. I was quoted 450-600 a month for full coverage depending on which company i talked to. No tickets or points on my DL just "too young" for them (19) Its not very smart to pay more for insurance than the actual car. I wonder when i wont have to pay rediculous amount?
