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I'm in the market for a new vehicle (or gently used) as I have mentioned in an earlier post but I am a bit foggy as to how using spouses income works (as in, if you can legally do it).
I am applying for the loan myself with my own credit. My spouse is unable to co-sign on our loan as she is about halfway through a Ch. 13 bankruptcy as a result of a previous marriage/some health issues.
The kicker here is that she makes about 3x what I do and I was going to see if I could use her income (in addition to mine, of course) without her being on the application. I noticed the question on one of the apps that I've seen mentioned something about asking "income used to pay for loan" or soemthing along those lines.
Is there a law/rule against doing this or is this something I would be able to do?
$125,000 total on an app looks much better than $40,000 for just me.
Edit: By the way, I'm looking at applying for around 22-25K. My Ex FICO is a 685.
Thanks!
Being able to use your spouses income depends on which state you are in. I know here in Texas, we are able to use spouse's income if its the intent to depend on the spouse's income to repay the debt. But, I don't think you can use spouse's income without spouse being on the application. I may be wrong about this part.
Im in Washington State.
I'll have to look into local laws then.
Thanks!
I got approved for a 25-26k auto with a income of 31k