credit and car loan

iVillage Member
Registered: 03-26-2003
credit and car loan
2
Wed, 03-26-2003 - 8:26am
i am newly married to a man who has perfect credit.. he owns his own home and has owned several cars and trucks. He has never missed a payment in his life.

I however, have not so good credit.... we are going to apply for a car loan tomorrow together.. will we not get it, since i have poor credit???? or will his outweigh mine??
Avatar for zaboz
iVillage Member
Registered: 03-26-2003
Wed, 03-26-2003 - 3:14pm
You could just have him apply in his name alone. I came close to having a car repossessed several years ago. So when we bought our latest car, they said they would only finance it if my name wasn't on the loan! How embarrassing. But it worked out just fine to use my husband's name only. Ironically, I own the jeep he drives and he owns the VW that is "my" car.
Avatar for cl_seesill
iVillage Member
Registered: 03-19-2003
Wed, 03-26-2003 - 7:30pm
Hi, By how you have described him, it sounds like he may be able to get the car with just his name on the application. That might be something you might want to consider.

If you want to have your name as a secondary on the loan, it 'might' not make too much of a difference because they may look primarily at his credit. But this could depend on who's processing your application because there tends to be a leniancy difference between lenders. You might want to check out the Car Smarts board for feedback too: http://messageboards.ivillage.com/iv-mlcars

Also, as you consider working on your own credit, you might want to discuss with him an opportunity to be added to a couple of his accounts, if possible, as an authorized user. As an authorized user you have no actual liability (and should be able to be removed at any time), but it will report on your credit. So his good credit can start reflecting as good credit on your credit file.

Good luck,

Sharon

cl-seesill

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