Have any stay-at-home moms/wives ever..

[Clumsy]

Curious if any stay at home moms/wives ever gotten a car loan in your name? Sister-in-law would like to establish some credit and get a car loan in her name only. I know this sounds crazy but would she be able to use her DH's income without his name on the loan? She would just list his income on the application? Any advice?

 

[mtemm]

usually they just ask for household income. does she have some credit cards in her name? that would probably be a better place to start if she has zero personal credit history.

 

[golfgal]

For married couples the credit history is a "joint" history if her name is on things like their mortgage, credit cards, etc. She will have a credit history if her name is on anything (and it should be for legal reasons anyway). She won't have a problem getting a car loan in her name only but it isn't really necessary.

 

[kdibattista]

Not sure about a car loan but most credit card applications list "household income".... I think.

 

[Clumsy]

She does have 2 credit cards in her name (small limits). I think she's concerned because they may ask to verify proof of income like a paystub. Would her husbands paystub suffice even though the loan would be in her name? Oh and they don't own a house.

 

[j's m]

I hope it's changed now, but 12 years ago when I needed a car and loan, I was working for DH's business and making a minimal salary for an IRA. They told me I would have to have him co-sign the loan and the car couldn't be in just my name, it had to have both names. I was so angry I didn't even want the car, so we just put it in his name.

Now I have even better credit with the credit card companies than he does, (maybe because I use mine more) Every time we separately apply for cards, I always get the higher credit limit. I don't know if that would make a difference if there's no income/little income to apply for the loan.

Next car, I'll take a home equity loan rather than not have it in my name.

 

[Clumsy]

Anyone else???

 

[NAB]

They wouldn't let us put in my name only , my husband name is on as well because he has the job.

I too have my own credit cards. Maybe she can have some of the household bills in her name.

 

[ZachnElli]

Yes, I have several times. They usually just ask for household income.

 

[Clumsy]

Yes, I have several times. They usually just ask for household income.

Thanks ZachnElli. Can I ask what bank you financed with or was financing done thru a car dealership? That would be perfect if she was only able to provide household income.