Will I be able to get a car loan by using my total household income?
Can I use household income to get approval for the loan? I want to finance a car, but my income is only $15,000 per year as a stay-at-home mom. My husband makes $88,000 per year and we have enough money together to purchase the car.
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Answered on Jul 14, 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.
“You won’t be able to use household income to get a loan unless both you and your spouse are on the car loan.
If you apply by yourself, they’ll only look at the $15,000 you make per year. Therefore, you’ll have to add your husband to the car loan when you apply to have a better chance of approval.
Lenders will ask for many materials in addition to proof of income when you apply for a loan. Be sure to come prepared with all necessary documents to make the car buying process easy.
Keep in mind that lenders will require insurance on your new car in order to protect their asset.
Buying a new car is the perfect time to look for the cheapest car insurance rates. Use the free Jerry car insurance comparison tool to help you find the best rates in your area.”
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