Viewing a single comment thread. View all comments

93195 t1_iuhy2tc wrote

At $193K, you should be fine for a moderate sized car loan. If you had to co-sign for your wife, she almost certainly has no value as a co-signer for you. If you’re not fine, adding her as a co-signer won’t help.

The point to a co-signer is getting someone with better income and credit than you to guarantee the loan. If you co-signed for her, that means you have better income and credit than her, not vice versa.

2

LuckTrain85 OP t1_iui2dme wrote

Thanks for the input! My wife has excellent credit and a reasonable income for the car she was buying. I just happen to make significantly more and our mortgage payment (which she is a co-signer on) would not be sustainable for her to take on alone plus her auto loan from the viewpoint of creditors. Without me in the picture, it looks as if she's paying most of her income to debt.

2

93195 t1_iui5cmx wrote

Yup. So adding someone who already appears to be paying most of her income to debts doesn’t help you or the bank.

1

LuckTrain85 OP t1_iui6ft6 wrote

Ahh that's interesting. I think I was looking at it in a different way -- as her additional income (and lack of additional debts) would provide a more favorable DTI. Thank you.

1