Can my boyfriend and I apply for a car loan as co-applicants?

We need an extra car. The dealership says that I make enough money to finance, but my credit score isn%26#039;t that good. My boyfriend doesn%26#039;t have the income, but he has a good credit score. Will this work?

Can my boyfriend and I apply for a car loan as co-applicants?

This is what I do for a living and what you are talking about is simple.

Put your boyfriend on as the primary applicant and yourself as the co-signer and you will get approved.

Now for the down side, by doing so you both are committing yourselves to the repayment of this loan for the duration of the term. If you two split up? The lender will come after your boyfriend first and then after you.

Don%26#039;t get me wrong, it can be a very good thing for both of you as long as the payments are made as agreed, it will show on both of your credit reports and help your score. It can also go the other way and destroy your scores if the loan falls into default or the car is repossessed.

Be very careful, I counsel people every week that are trying to overcome this very thing.

Can my boyfriend and I apply for a car loan as co-applicants?

I think you should buy a lower price car or a used car but don%26#039;t bring your boyfriend into the mix unless you 2 are engaged or have been together for at least 5 years

Can my boyfriend and I apply for a car loan as co-applicants?

You can, but it%26#039;s a bad idea. It makes you both legally liable for the debt. If you breakup, you will still remain tied to each other through this car, unless you can refinance it.

Having the extra loan that he is legally obligated for on his record may prevent your boyfriend from obtaining credit that he needs in the future, because they will take your payment into account and assume that he has to make that payment.

If you do decide to go ahead with this, make sure you have a signed agreement about what happens to the debt/car if you breakup. You should each have your own attorney to ensure that each of your interests are being looked out for.

Can my boyfriend and I apply for a car loan as co-applicants?

NEVER ask for a loan with co-applicants.

NEVER do that. You will be liable for others debts.

Do you really want that????????????

Me not!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!