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Can I use my husband's income to get a car loan?
I'm a stay-at-home dad, and I'm looking into getting a car—the kids are getting old enough that I'll need a car to drive them to school, and honestly, it would definitely help with grocery shopping. The only problem is that I don't have any income of my own. Can I use my husband's income on a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Being a stay-at-home dad is quite the job! Lenders will want to use your personal income when you apply for a
car loan
. However, you can still use your husband’s income for the car loan if you add him as a co-borrower. With a co-borrower, the lender will consider his income, debt-to-income ratio, and credit history in the loan process. If these aren’t problematic, you have a good chance of getting the loan.
Since you have kids, the concept of budgeting probably isn’t foreign to you. Remember that when you’re buying a car, you need to budget for the monthly payment, maintenance, gas, and
car insurance
. Financed cars require full coverage car insurance, which can be significantly more expensive than basic liability.One easy way to save on insurance is to shop around with the
Jerry
app. We’ll get you customized quotes from top insurers in seconds, so that all you have to do is choose the coverage that works best for you!Good luck with the loan, and happy shopping!
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- Gregory R.
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