Auto Loans

[onmyway80]

Does anyone know how scores are calculated for joint auto loans? Do they average the two scores together. I guess what I'm asking is how do they come up with an APR when two people are applying for a loan?

[MattH]

---

onmyway80 wrote:

Does anyone know how scores are calculated for joint auto loans? Do they average the two scores together. I guess what I'm asking is how do they come up with an APR when two people are applying for a loan?

---

Interesting question, I dunno because my name has been the only name on the paperwork for every car that I have bought. Same with credit cards and suchlike, my wife and I have those as individuals. We are both on the paperwork for our home purchase and mortgage, of course. With mortgages, I do know, they pull all three scores for each co-borrower, then take the middle of the three for whichever person has the lower scores. But I believe some auto lenders will only pull from a single reporting agency, and I dunno whether they follow the same rule of going by whoever has the lower scores.

[onmyway80]

Does anyone else know?

[mickie08]

credit is usually based upon the primary applicants credit.  At least that was the case when we needed a cosignera few years ago.  by having our co-signer sign first, we got 6.9 % interest instead of 11% with my wife 1st.  I assume the same with CC as well.  With mortgages, they use the lowest of the people's midscores.