Is it a good idea to refinance a car after you get married?

"My fiancée currently has a car loan, but the interest rate is around 15%.

I was thinking that after we get married, we should refinance the loan with both of our names on it.

Is this a smart move?"

Answer
“This might work, but it’s dependent on quite a few factors.
To determine if you and your fiancée are good candidates for refinancing, lenders will consider your credit scores, debt-to-income ratio, whether you’re upside-down on the original loan, as well as the loan-to-value ratio on the car.
Credit unions tend to offer the best rates, but other lenders sometimes run promotional, lower loan rates that can save you money. Shop around with numerous companies and lenders to find the best rate possible.”
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Eric Schad
Answered on Jun 17, 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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