Why can't my boyfriend co-sign on the new car?

Question

We're trying to finance a new car together. We're wanting to do this because we'll both be using it, although he has another car he uses (for work).

The finance department states that he doesn't make enough money, but I do. My credit isn't that good, but his is. Why can't we both do this together?

Shouldn't he apply for it, and I should co-sign?

Answer 1

It pretty much boils down to marriage. The loan company is scared to give a loan to a couple because if you break up it is a hassle for them to collect. If you are married it makes it easier for them if something goes wrong with the loan. If you are married they can take both of your financial history in togeather. If you are not married they look at it as seperate. Hope this helps.

Answer 2

Shop around. Go into some banks and local credit unions and ask for them to pre-approve a car loan for you and your boyfriend. Many can offer better rates than what a dealer's finance departement can offer.

By getting pre-approved, it means you will basically have the money required to purchase the car and you don't have to hassle with the financing of the car company.

It just depends on the finance company, if they are willing to take a risk loaning you and your boyfriend the money. Like any loan, those who have the money unfortunately have the power to decide.

You can also try obtaining a loan on web sites such as http://www.lendingtree.com

However just remember each application for a loan will hit your credit score!

Answer 3

Perhaps the finance dept is doing it to protect you(as they have seen many cases where the purchaser is on the hook with the payments and does not get the ownership of the car in the end as the relationship turns sour during this period)
Why don't you ask them their reasoning.?
I am just guessing.

Answer 4

He cannot co-sign because he doesn't make enough money. You said it yourself.
If he was buying, and you were a co-signer, then you cannot do it because of bad credit.
A co-signer has to have both - good credit and income.
It has nothing, absolutely nothing to do with marriage (as the other person said.)
I have co-signed for friends several times and I'm not married to my friends. I just have good credit and income. If you have good credit, you do not need huge income, just enough to cover payments with no problems.