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?

Answer
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.
Eric Schad
Answered on Nov 15, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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