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My income, or *our* income, if just me on the app?

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BurgeoningHope
Frequent Contributor

My income, or *our* income, if just me on the app?

Hi everyone,

 

I'm hoping to qualify for an auto loan in the next few months. My scores are in the 690-730 range, with some ancient baddies falling off in the next year. I have work to do to get my student loans right again, though somehow they're not showing up at this time. But right now I only work part time, with super erratic income. I might pull down $20K if nothing changes. Obviously I am hoping to get hired for real, but being conservative for the purposes of this discussion I'm sticking with the PT figure.

 

My husband is the real breadwinner @ $150K. He/we haven't always done this well, and he has some real baddies including a foreclosure and car repo in recent years (2010-2013-ish reporting). His scores are considerably lower, in 630-land, and I'm sure his auto-enhanced score would be even lower.

 

We live pretty frugally thanks to hard times habits formed, with very low ongoing monthly expenses relative to our income. Our cards are single-digit util. We can easily afford monthly payments on the modest used cars we're considering, and could afford payments for quite a while should financial disaster strike again. But does this even matter to a lender, or is it all about the score?

 

Are auto loans like credit cards, where I may count his income as my own since I have "reasonable access" to it? If not, can I co-sign his loan and hopefully he'd get a lower rate than whatever he'd qualify for, if he were to qualify at all? Unless I get hired full-time soon, I don't see qualifying on my own.

 

Thanks!


1 REPLY 1
CribDuchess
Established Contributor

Re: My income, or *our* income, if just me on the app?

No, you can't count your spouse's income on your auto loan app unless your spouse is a co-borrower on the loan. You state that you live modestly and are looking at modest vehicles. How much money do you have to put down on a vehicle? If you can afford to put down 20%, I think you have a very good chance at getting financed on your own.

Good luck and let us know how it goes! 😊
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