Re: Question about getting car loan

tl1989 · ‎02-20-2010

Hello,

I'm not looking to purchase a car any time soon but I have a question I need insight on when the time does come. That time most likely will be two years from now.

I'm currently in college and am only working part time now which is 19 hours a week. I just pulled my equifax fico last week and it is a 726. If I were to apply for an auto loan today I would not be approved because I don't have enough income.

Here's my question. My husband works full time but has horrible credit. Bunch of CO's. When we do our taxes and we do it jointly is his income therefore mine? If I were to apply for an auto loan, could I apply for the loan myself and show his income but it's also mine too becuase we filed our taxes jointly?

We've been married 1 year and 1 month now. This tax season will be our first time filing taxes. We're still learning.

Cox0924 · ‎12-01-2012

The loan would be on your income if you put your name to it. He would have to co-sihn for his income to apply. Unless I miss understood.

Current myFICO Score: 747 as of 12-1-2012

Walt_K · ‎11-02-2009

To apply using both incomes, you need to both be on the loan, and therefore, both your credit and his credit will be used. It doesn't matter if you file your taxes married filing jointly or separately.

The good thing is that auto lenders are not like mortgage lenders. There are several auto lenders that will use the best score of the two applicants, as opposed to mortgage lending where they always take the lowest mid score of the two applicants.

Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13), TU 98 728 (01/06/12), TU 04 728 (lender pull) (01/12/12), EX 742 (lender pull) (01/12/12)
Goal Score: 720

Take the FICO Fitness Challenge