I have a rather complicated question. My credit is pretty decent 680 with Equifax while hubby's is not 582. I was curious if I could get the car financed through my own and have it just in my name, but include his income?? He also does not have a license at the moment LONG story, so I don't think I can or want his name on the car but I work very part time, so I know my income would not be enough.
Some unscrupulous dealers might do this for you, but under normal circumstances, if you include his income, his credit comes with it. You can't just use his income but not his credit. You can use his credit and not his income (i.e. co-signing), but from what I see, you don't want to use his credit. Maybe if you co-signed for him then he'd get the "benefit" of your credit, but his income. Both names would be on the car though.
I think the problem with him getting the car was the fact that he has no licence. 580 + 680 and two incomes should be no problem from what I'm reading on here. You should go for it, with him being the co
Yes that is the MAJOR problem no license, not sure if you have to be licensed to be on a car title but even if you don't I don't want his name on title b/c of insurance purposes.
In georgia, its illegal to sell (from a dealer) a vehicle to a non-licensed driver. It's also illegal to insure a vehicle to a non-licensed driver.
Ann, I do not have a driver's license (never have) and when we bought our car in December the dealer said we could get a better rate (6.9% vs. 17.9%) if I put MY name first on the loan. I don't know the laws in your state, but I live in Illinois and you don't have to be a licensed driver to BUY a car, just to DRIVE one! So, my name is first since my credit is a little better than my hubby's. The insurance is in my husband's name only and this han't been a problem at all. So, ask the dealer about it.. be honest.
Shelly is right...you don't have to be a licensed driver to "OWN" a car. YOU CAN'T DRIVE IT, BUT YOU CAN OWN IT.
In in NJ too, and my neighbor is 81 yrs old, bought a car and pays a guy to drive her where she needs to go, its a part time job for him. NOt sure what the insurance consequences are, but she definitely owns the car, and has never sat behind the wheel even once in 6 years!
The car would have to be insured, the "owner" would have medical for an accident, and there would have to be coverage for the REAL DRIVER...
In NY you dont have to have a license to buy a car either. Actually they let you buy a car with just a permit.
