I think I just messed up...Help!

[Anonymous]

Is it ok to apply as an individual for a car loan, but to add my husbands income to the monthly income? I just did and got approved by Cap One and Honda, but now I'm thinking about it and wonder if I should have done that? Am I now going to get turned down when I submit paystubs for the both of us when only my name is on the app? I left him off btw, because his credit is worse than mine, and mine is marginal.

[Anonymous]

Generally, you can only include the income of the person holding the loan. Most likely they will not allow you to use his income here, unless you add his name to the loan.

[Anonymous]

You can only do this if that financing company allows third party guarantors.  They are not added to the title or registration but must sign the contract saying that they will also be responsible if you default.  I do not think that many financing companies are doing this anymore.  It was used by the financing companies for the actual brand of vehicles.

[Anonymous]

It really depends.  If the dealer is asking for Proof of Income, then it's not going to fly. If not, then it could possibly slip through.  The only problem here is if the bank checks upon funding and finds it is wrong they will not cash the contract and will return it to the dealer.  The dealer will then be asking you to bring the car back.  The best thing to do is add your Hubby.  Unless he has some major derogs you should be ok.

[Anonymous]

Thanks everyone. I called Honda and Cap One and both said he'd need to be on the app to be able to consider his income. Unfortunately this means we won't be getting approved, I haven't found anyone but Roadloans to approve us (at 18%, so forget that) if hubby is on the app. Oh well. Back to waiting to apply again.