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Secondary Auto Loan?*

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Member

Secondary Auto Loan?*

My husband and I both had vehicles that were paid cash, so we had no auto installments. My husband had his car totalled. We decided to take out an auto loan on a 2018 Chevy Malibu in January. I have the higher scores so we put it in my name. (Now MY car is having engine/transmission issues and I'm going to ride it out as long as I can.) I helped my husband bouce from the low 595s to now 695ish. I'd love to move it over to his name. What do you recommend? What will happen to my score if I move it to his name? I do not need a car now but when I do won't it be easier to have a new account in my name and this Malibu in his? Open to any advice, resolves, opinions. Also its a 6.07 APR.

 

Update:
I will be trying to take out an auto loan under my name. How possible is it to get a secondary auto loan under my name?
Annual (alone): 33,000 

CC Debt: 13%

Auto Loan (1/2018): $475 monthly (240 bi-weekly)

Starting Score: EX: 702 TU: 712 EQ: 684
Current Score: EX: 702 TU: 712 EQ: 688
Goal Score: 800+


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2 REPLIES 2
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Frequent Contributor

Re: Moving an auto loan out of my name?

You could simply keep the loan the way it is, and when applying for a new loan on a vehicle for yourself, either put his name on it with your's or see if you qualify for a second unit.

AMEX BCE ($39,500) CITI AAdvantage ($20,500) Region's Platinum Card ($14,400) Discover IT ($23,000) Macy's ($7,000) Chase FU ($10,000) Barclay's Aviator ($22,000) TU:778 EX: 781 EQ:791
Message 2 of 3
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Member

Re: Moving an auto loan out of my name?

I will definetly try it. I just took the malibu out this January, do you think this will sway lenders towards a no?

Starting Score: EX: 702 TU: 712 EQ: 684
Current Score: EX: 702 TU: 712 EQ: 688
Goal Score: 800+


Take the myFICO Fitness Challenge


Message 3 of 3
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