I am currently in an auto lease that will end in June. At that time, I will be purchasing a car. Here's my question ... my credit isn't the best. I'm working steadily to improve it, but I'm still a long way from being "in the clear." I checked my score last night, and it's 601 (up from 560 a year ago). I know this score will get me a huge interest rate. My husband has good credit (752 credit score). If we apply for a new car loan together, will lenders take the average of his score and my score to determine approval and interest rate? I thought about just putting the car in his name, but he also has a car loan of his own as well as a mortgage, and I'm not sure how lenders would view that. I appreciate any insight you might have!
Thanks, Dan! The more I think about it, that might be the best route to take. If the lender comes back with questions regarding the amount of debt in my husband's name, we can deal with it then. We're in the situation where my husband has excellent credit and good income. He already had a mortgage when we met and married, he has two credit cards with low balance to CL ratio, and he has a truck payment. I have not-so-good credit and excellent income. My debt is credit card repayment and my car lease. I'm working on improving it ... slowly but surely!
