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Is it better to have both spouses on a car loan or just one?

My husband and I want to purchase a new car, but we're not sure what we should do about the loan. Should we both be on the loan? Or is it better to have just one of us?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Deciding whether to put both spouses on a
car loan
 is highly dependent on your overall financial situation. Whoever has the best income and credit score should ideally sign on to the loan.
If you both have great credit and steady income, putting both of your names on the loan won’t be an issue. However, if one of you has great credit and the other doesn’t, it could mean that you’ll only get accepted at a much higher interest rate.
If you both have poor credit, you’re going to get a higher interest rate than more qualified borrowers. Still, if you make your payments faithfully, you can try to refinance the car later and negotiate better terms.
When you get the loan, you will also need to have
full coverage car insurance
 per the stipulations of your lender. That’s when
Jerry
 can help. Use the Jerry app to compare auto insurance rates from over 50 insurers without a hassle.
MORE:
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