Co-sign for auto loan - what score is used if highest score has no income

[1t2b]

My wife has the higher (though not super high) credit score but does not have income. I have high income (225k/yr with bonuses) and low credit score. If we co-sign, how do they decide the score to determine interest rate? We would usually just pay CCs down aggresively but unfortunately our main vehicle has stopped working and will take 10k to fix, which isn't worth it. So we find ourselves in a position we'd like to buy right away.

Wife middle score is currently 671 (not everything reported yet, likely would be higher) and my middle score is a paltry 601. These are the auto scores.

Are we screwed?

[1lifeisworthit]

With an income of $225,000 per annum you should have $10,000 in savings.

Make the car repair and continue on your debt repayment path, and rebuild your savings. Your score will rise by the time you need another repair (because much more time has passed since your previous mess-ups), and your savings will be rebuilt, too.

At that point, you can reassess your options. Whether you want to go further into needless debt, or make better car (and financial) decisions.

Car loans are pretty dumb, in general. I know they are sometimes necessary... I've been driven to them... but it's hard to imagine not being able to buy a $10k-$15k used car with a $225k income... without a car loan..

[1t2b]

I hope you have a better day than it seems like you're having.

[GZG]

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@1t2b wrote:

I hope you have a better day than it seems like you're having.

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how they said it wasn't nice, but they are right

this isn't a credit score or interest rate problem, this is a budgeting problem

fix the budget, figure out how to spend less and the car problem should fix itself. if you want to list all income vs. all expenses, people here would be happy to help see where the fat can be trimmed. there is far too much income for there to be a debt problem here.

but as for the car problem, your wife is allowed to state the income you collectively bring in, she doesn't have '0' income. her co-signing should help improve what you can borrow, afaik