Should me or my fiance apply for loans?

creditdemon · ‎05-13-2014

Curious whether myself or my fiance should app for car loans - and then add the other as a joint account holder. It would be nice if one of us could avoid lots of hard credit pulls...

His credit is better than mine, but he has no auto loan history and I am the one who is working at the moment. However, even though I am working we consider my income "ours" - is he allowed to report mine?

His credit scores are:

EX:768

EQ: 714

TU: 728

Hes disputing something with both EQ and TU that will cause those to jump.

Mine are

Ex 695

EQ: 741

TU: 695 (ish?) but has something falling off in a few weeks which I estimate will bring this to about EQs level. I had an auto loan I paid off a few years ago, but there is a few 30s and a 90 day late on it but that is from over 7 years ago, not sure how much the lates on it would affect me.

Advice is appreciated

Creditaddict · ‎05-13-2014

you can't get the car in ones name now and then add a person as joint with out refinancing the loan.

are you looking to buy new car? what car?

and if he is not working, he can't just put not working but your income if your not on the loan... i can't post how he could try but if the end result is you want joint anyway, then I would just apply joint and if you are buying new and trying to finance with the brand you shouldn't be looking at tons of INQ's (just 2 actually) just write on the application you are only interested in the manufacture financing and no other banks.

creditdemon · ‎05-13-2014

Cool ty, yea I think we want joint since we both want it on our credit history (I think it will help to both have it). So at the time you apply we put both our info? Wasnt sure how it would work I thought maybe he would apply to some and I would apply to some and we would see who got the best rates and then add the other, but it doesnt sound like it works that way. Looking at a Subaru Crosstrek.

Creditaddict · ‎05-13-2014

@creditdemon wrote:
Cool ty, yea I think we want joint since we both want it on our credit history (I think it will help to both have it). So at the time you apply we put both our info? Wasnt sure how it would work I thought maybe he would apply to some and I would apply to some and we would see who got the best rates and then add the other, but it doesnt sound like it works that way. Looking at a Subaru Crosstrek.

no just have the dealer apply you only through subaru as joint and that will cut back on the multiple apps all over the place and with over 680 scores I would think they could get you into tier 1 or 2 and get your promo rate... know ahead of time what those promo rates are and what incentives you qualify for... maybe email a couple dealerships with exact cars of their lot with the trim levels you want for best pricing they can do before you even go in!