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How do I add my wife to my car loan?
My wife wants to boost her credit score, so I offered to put her on my car loan. What’s the best way to add someone to an existing loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
To add your wife to your
car loan
, you will need to refinance the vehicle. Lenders won’t allow you to simply add a co-borrower, so this is the only way to get your wife on the loan.Before you refinance, make sure it’s in your best interest. If your wife has a low credit score, putting her on the loan may mean you’ll face higher interest rates. And refinancing into a higher-APR loan isn’t a smart financial move.
If you can’t find an equal or better interest rate, don’t stress. There are several other ways for your wife to rebuild her credit, including:
- Pay down high-interest debt
- Pay off any delinquent or charged-off accounts
- Put more money toward outstanding installment loans to pay down the principal
If you do end up adding your wife to your car loan, also add her to your car insurance policy (if you haven’t already). While you’re at it, take a minute to ensure you aren’t overpaying. The
Jerry
app allows you to compare rates from over 50 top insurance companies for free. Find a better deal? Jerry will secure your new policy and help you cancel your old one.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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