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Should a married couple take out a joint car loan?

After going back and forth for over a year, my wife and I realized we needed a second car. We can’t pay cash, so we’ll have to finance it. Is it a good idea for us to sign a joint auto loan?

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Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Financing a car is a big commitment, so I understand your nervousness. While it depends on your income levels and credit scores, couples usually qualify for better car loan interest rates than individuals.
To see the benefits, use a free online auto loan calculator (like the one on Calculator.net) to preview your payments as a couple and as individuals. You’ll almost always see a better APR for a joint loan.
APR means Annual Percentage Rate
, if you didn’t know, and it represents the total of what you’ll pay throughout your car loan.
When couples sign a joint car loan, their primary concern is usually the difficulty separating their finances should they separate. It can be difficult to refinance a car loan with a single borrower in place of two, but it can be done. Hope this helps! 
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