Who should get the loan??

[Anonymous]

Let me fine tune my last question...

I'm wondering who should get a new auto loan? 

Me:  Fico 751  

I have mostly new credit (5 years new). 

I've never had an auto loan.  I have a mortgage and credit cards.

Fiance:  Fico 650. 

Has current and other auto loans.

Score dropped because of late payments during job loss. 

Would it hurt his score?

Thanks )

[islandchild82]

I would say that you should get the loan. You should be able to qualify for the best, or near the best, financing rates.

Your fiance probably won't qualify for the best rates. He has a substantially lower score and recent lates. Additionally, if he has current auto loan(s), it may make it a lot harder to qualify for an additional one.

The inquiries will hurt the score of whomever applies for financing. The good thing is that the inquiries, if financing is applied for during a 14 day period (I think it's 14 days), will only count as one in terms of scoring.

[Anonymous]

If the car is for him, he needs to finance it.

If the car is for you, you need to finance it.

If it is for both you then you need be co-borrowers.