@Anonymous wrote:Due to this COVID-19 pandemic, I have lost my job. But I want to purchase a car for my family. My husband is not agreeing to take the car loan in his name. But I doubt it will be approved or not because I am currently unemployed and the only source of income I can show to the lender is my husband's salary.
In this situation will my car loan be approved?
You'd need to have your own income (and meet UW's DTI standards) to be considered for an auto loan in your name. Pretty much the only way you'd be able to use your husband's salary would be if he were a co-borrower.
They will consider all other factors of your history, but chances are if you're anything like me, you won't get the best rates if they're basing it on your recent deposits... If it's anything like my luck with my previous car, they'll give you a lousy rate or even a subprime lender, which they'd favor the guy making $2K a month with all other good factors and give him a prime APR sooner than someone making $6K a month but only works a 1099 position, especially since your earnings are only voluntarily reported to the IRS/state tax board once a year with hardly any public access, instead of every paycheck to more accessible records.
In addition, although the CARES Act paid more than some jobs ever will, lenders don't see UI as a stable income. Is he COMPLETELY unwilling to have ANYTHING in his name, or can he at least be a cosigner?
In addition, although the CARES Act paid more than some jobs ever will, lenders don't see UI as a stable income. Is he COMPLETELY unwilling to have ANYTHING in his name, or can he at least be a cosigner?
(Boosted)
