Should a married couple take out a joint car loan?

Answered by Car Loans Expert Johnny on December 26, 2020

My wife and I want to get a loan to buy a second car. Should we apply jointly?

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Johnny

Car Loans Expert

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.


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