Co-signing Auto Loan (Married)

Auto

Unique situation here hoping for some insight. Wife and I are financing a car. Each of us make enough on our own to comfortably afford the payment and then some but I’m unsure how to go about the actual financing portion of it.

Unique situation is that each of us hope to buy another house in 10-14 months so I don’t want to do anything to hinder that. The car payment should not have a significant impact on DTI but I’m wondering what the advantages/disadvantages are of taking out a joint loan vs just one of us?

We originally planned on one of us financing on our own (0% APR) to help build credit score since I can’t think of a single advantage of taking out a joint loan seeing that we are each highly qualified borrowers on our own. Both of our names would ideally be on the title.

Thanks!

Posted Nov 21, 2024, 7:13 AM UTC

07
Loading comments…