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Should a married couple take out a joint car loan?
My wife and I want to get a loan to buy a second car. Should we apply jointly?
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting a joint car loan can be very beneficial depending on individual incomes and credit scores.
If both the borrower and co-borrower have good credit and a healthy, reliable income, then together they could qualify for a larger auto loan and a lower interest rate.
However, it can be a difficult process to remove a co-borrower from the loan if that becomes necessary in the future.
When you get a second car make sure to talk to your
car insurance
provider. You might be able to qualify for a discount by bundling your cars together on the same policy. You can compare 50+ top insurers to verify that you’re getting the best deal with the Jerry
app. View full answer
- Gregory R.
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