topic Car Loan Advice in Auto Loans

Car Loan Advice

ineedcreditbad — Wed, 29 Apr 2009 23:58:46 GMT

Hi Guys,

Need some loan advice here. Currently we have one car and owe 12K on it. My spouse recently got her license and I plan to give her my car and get myself a new one.

Questions

My credit scores are in 690-720. Should I keep both the cars loan in my name? And if I do keep the both loans what are the chances of getting approved for a 30K loan on a new car.

Should I sell the car to my spouse and have the loan in her name? Her credit rating is good but income is low as she works part time. What are the chances of her getting approved?

Thanks

Re: Car Loan Advice

Anonymous — Thu, 30 Apr 2009 04:01:21 GMT

Provided everything else is on order with income vs debt, etc etc, I would think the route to take would be to leave your current vehicle in your name and finance the new one in both names.

Re: Car Loan Advice

Anonymous — Thu, 30 Apr 2009 04:03:50 GMT

The term that makes the difference here is "spouse". It shouldn't matter.

Good Luck!