Should my fiancée cosign on my car loan if I have poor credit?

"My credit score is 643, but my fiancée has great credit. Her score is 795.

I want to buy a car for $14,500, but I don't think I'll be able to get a good interest rate.

Should I have my fiancée cosign for the loan?"

Answer
“Because you have a low credit score, your interest rate would be high if you applied on your own. Therefore, it makes sense to have your fiancée cosign if she feels comfortable doing so.
Keep in mind that your credit score isn’t the only determining factor in getting approved. Income, debt-to-income, and loan-to-value all play a huge role in the approval process. If you make enough income, you should be fine.
You should also have a frank discussion with your fiancée about what will happen to the car loan if you were to split before you’re married. It won’t be comfortable, but getting something in writing will save you a headache just in case the relationship goes awry.”
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Eric Schad
Answered on Jun 07, 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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