allaboutcredit wrote:
I have insufficient credit history (US immigrant who came in Dec 08) and won't be able to get car loan by myself. Am planning to get my wife to co-sign. What would be the better option - to get her to co sign or let her buy the car in her name ? I guess I'll also have to pay higher rate of interest compared to what she would have to pay ?
If I ask her to co-sign, when my credit scores improve after an year or so, can I have her removed from the co-signer status ?
If you can the loan on your CR, to build your history, then have her cosign. If not, let her own the car. From personal experience, my DW had the last car purchase put in her name. It was a hassle to work with the local DMV on her behalf. Other than that, we've had no issues.
Unfortunately, once she's a cosigner, she'll always be a cosigner up to the point the loan is paid.
BTW, welcome to America!
