How to Buy a Car with your Spouse?

Ever thine, ever mine, ever ours! – Beethoven

Once you say ‘I do’, there is no such thing as ‘mine’ and ‘yours’. Everything you own or will own in the future becomes ‘ours’. As a married couple, you may feel like bringing together your resources to buy something. It is a noble thought but when it comes to making a big investment such as a car, tread lightly.

Buying a Car with your Better Half: Deal with Bitter Questions

Buying a car involves making several decisions. You have to consider the type of car that you want to buy. But, before saying ‘I do’ to buying a car with your spouse, you will have to ask each other a few hard questions.

>>What size of car will suit your needs? Also, decide on who will be driving the car most of the time. It will help you to narrow down your options.

>>If you are going to expand your family in the near future, you must consider a kid-friendly car such as a minivan or an SUV.

>>Consider the budget of the car. Will both of you contribute towards the monthly car payments? Are your incomes adequate to manage the car payments along with other debt obligations?

>>Will you be able to manage a down payment? Usually, young couples have hard time getting together money after an extravagant wedding. So, consider your financial situation before visiting a dealership lot.

>>The D-word is often off-the-table for young married couples. However you must remember that in a situation of divorce, a co-buyer will be responsible for the car even if he/she doesn’t use it. Also, division of assets can be a problem when you own a car with your spouse.

A Co-Buyer or a Co-Signer: The Big Auto Loan Question

Discussing the size of the car and the budget are simpler things compared to the big question of auto loan. It is not necessary for your spouse to have a good credit score. A few late payments in the past may have rendered a stain on your credit report as well. You need to discuss your financial situation and credit score before buying a car.

If you are a co-buyer, both of you will be the owners of the car. When you are a co-owner of a property, you and your spouse are responsible for the ownership of the car as well as the auto loan. The lender will review your credit score and your partner’s score to judge your joint auto loan application.

When you become a co-signer for the auto loan, you will only be responsible for the auto loan. You will have no ownership rights. It means the lender will not consider your personal income for approving the loan. But, remember that as a co-signer, the lender will require you to have a good financial standing as you will have to make payments if your spouse is unable to make them.

How to make a Decision?

Who has a Stable Financial Situation?

If your partner earns a good income and has an impeccable credit score, he/she will be able to increase your credit worthiness. The lender will consider his/her income to ascertain the loan amount. It will also help you in lowering the interest rate. With a stellar credit application, the lender may be tempted to provide you with a high LTV. So, when your spouse has a stable financial situation, you can ask him/her to become a co-buyer.

When both of you have average credit scores, sit with a loan officer to make a decision regarding the primary borrower. After considering your incomes, debts and credit scores, you will be able to make a secure decision.

When is going solo the Best Option?

In a real-life scenario, marriage doesn’t always mean being equal. One of you may have significant credit card debt. It is possible that you may still be paying your student loan. There is a possibility that your partner is just starting his/her career and doesn’t possess a good credit score. In such a situation, you have to think twice before making a decision.

If you think that your spouse is not financially responsible, it is best to buy the car on your own. Also, many spouses feel more confident when they have financial autonomy. So, think hard and do not be afraid to ask uncomfortable financial questions. Buying a car is a big responsibility. And, if you are not sure about taking the plunge, it is best that you become the sole owner of the car.

Tips on Bad Credit Loans: Is no credit check or no guarantor a criterion for applying?

Are you boggled down by your ailing credit health? Is your salary falling short to meet the credit bills and loan instalments every month? Are you constantly worried about the rising expenses and looking for ways to raise the income?

Affirmative answer(s) to any of these questions indicate a very bad credit situation.Despite your urgent requirement for additional loans you must be worried about not ruining your score further. Whether you apply for a new loan or credit card, it will make a footmark in your credit report.So, a constant search for loans with no credit check by borrowers is a relevant one. However while you too conduct such a search you should know about certain facts about bad credit borrowing.

Bad credit loans are always more expensive than regular loans extended with good score. So you should be ready to shell out additional cost for loan. The rate of interest would be high and so would be APR %.
Searching for bad credit loans is not a cakewalk. It would entail a lot of research and brain storming to find an affordable lender for the purpose. Despite FCA’s strict guidelines, a lot of loan sharks are also functioning in the market, so you need to be careful while going for direct to lender deals.
Many of the unscrupulous finance companies might post ads with tall claims such as Bad credit loans, No guarantor, No credit check in bold prints to attract the customers. However you should be wary about falling prey to these lenders. As per FCA guidelines no lender can extend a loan without a credit check. Credit check is one of the major pre requisites for testing the loan eligibility of a borrower. As a borrower, you also get to know about the loan affordability with the credit check.

When seeking short term loans no credit check for bad credit situation you can instead ask the lender to not initiate a hard check and save a footprint on the credit report.
In order to restore your credit situation with additional loans, you should seek professional advice. Contact an authorised loan broker and use the advice to mend your credit history. You can search for loan brokers online and contact them by filling an online form. The broker would follow up and search for the cheapest loans for your requirements.
Although a broker would do the Mathematics for you and would guide you on availing the financial service according to your debt to income ratio, you should do some of homework beforehand. The decision to borrow additional loans should be a learned one. For, an additional loan would enhance the financial obligation.

Before initiating a dialogue with broker know clearly how much you want to borrow and how much you can spare for monthly instalments. Enquire about total credit charges, rate of interest, APR % and what if you fail to repay or want to prepay. You should not be unaware about any of the associated costs.
Knowing all these facts, I hope you could borrow right and begin to mend your credit situation.

Avail the No Credit Check Auto Finance to Own a Car Despite Of Poor Credit

However, before doing that, you should make sure that the auto loan dealer that you are working with is offering you the best possible deal and is a reputable dealer to work with. Purchasing an automobile when you have poor credit could seem to be annoying and at several times, a complete dead end. So, when you are consistently being denied for getting an auto loan, what would you do? No credit check auto finance might be the answer that you are looking for. You would have heard or seen that many auto finance lenders offer guaranteed no credit check car finance and the first question that would strike in your mind is “how?” There are auto finance dealers that are able to do so since they do not work with any banks nor do they work with any third party auto finance lending companies. These dealers are commonly referred as either ’In-house financing’ or ‘Buy here pay here’.

Advantage of Guaranteed no credit check car finance from Dealer

Since the dealerships do not require acquiring financial support from any third party money lending source, it enables them to offer more flexibility regarding the approval criteria for auto loans as opposed to the traditional car finance lenders.

No Credit Check
Credit Score is not an issue when you are dealing with In-house financing. The in house financing dealers will utilize your employment, income and the history of your residence to determine your capacity to repay the auto loan amount that they would be lending you. It is a quick process and as there isn’t any emphasis on analyzing your credit history, bad credit car buyers tend to get more attracted towards these no credit checks car loans.

Flexible Payment Schedule
Credit dealers are less likely to give more flexibility especially when it is the matter of payment options. Usually, your auto loan monthly repayment date is coordinated with your payday. This means that you might be paying bi-weekly or weekly. The dealers may allow you to make the payment in person at their office or some may offer options for online payment of the monthly repayments.

Choice of Vehicle
When you want to finance a car with no credit check, you would have to first identify that budget that would be affordable for you for the monthly repayments of the auto loan amount. Once you have decided on a budget that you can afford for the car purchase, the in house financing dealer would then offer a selection of cars for you to choose from.

If you really want to get the car finance quick and hassle free, it would be very tempting to opt for the guaranteed auto approval!