I have bad credit, my wife has good credit, I work, she doesnt. can we finance a car?

Question

I have bad credit, my wife has good credit, I work, she doesnt. can we finance a car?

Answer 1

Yes, if your debt to income ratio is good enough. You won't get an excellent interest rate, and you will likely need up to $2000 down.

Having her good credit and your income will help get you a loan, just do NOT expect that alluringly low interest rate, monthly payment, or down payment they advertise. Those are for only those who have near flawless credit, a very low debt-income ratio, and almost no one in the real word ever qualifies for the dealerships prime lenders 0% apr, $0 down, $279 per month payments...

Likely they will find you a lender who will require 1to2 thousand down, and you will have an apr that is above average.

If you are a member of a credit union, and are in good standing with them, they are almost ALWAYS the way to go.Our credit union always financed us at 1-3% less than the average dealership lender, and they are more forgiving of credit imperfections....

Laws very state by state when it comes to credit and spouses. Check you state's community property laws (I think) to see if your credit and your wifes are totally separate or have an affect one another's.

I hope I made sense. Good luck.

Answer 2

with her credit and your income yes you can

Answer 3

If you go to one of those 4th of July mega car sales, they finance almost anyone.

Answer 4

i would not do that. save up your money and buy a desent car off of craigs list

Answer 5

Any loan will be based on your credit because you have the income.