How to Buy a Car as a Married Couple

Buying a car as a married couple and putting both names on the auto loan can increase purchasing power. This is because lenders factor in both incomes when determining an affordable amount. But before you can obtain a joint auto loan, you must provide your lender with specific information to determine if you qualify for financing.

Instructions

1

Include both names on the auto loan application. Listing one person's name makes this individual solely responsible for the car loan. If applying as a married couple, submit both legal names. With a joint auto loan, both parties are equally liable for the financial debt.

2

Give the lender copies of both income statements. Lenders vary in how they verify your income. Some will ask for copies of your most recent paycheck, while others may contact employers to verify income and employment record.

3

List your Social Security numbers and give lenders permission to check both credit reports. Both credit scores and histories play a role in the approval process. Lenders check both reports for delinquencies or other problems, such as charge-offs and collection accounts. Lenders also use the average of both credit scores to determine the interest rate on the auto loan, if approved.

4

Sign the auto loan and title information at the dealership. The joint auto loan purchase is complete once both married parties sign their names to the loan documentations and title documents. The title outlines ownership of the vehicle. The lender keeps the title until borrowers pay off the debt.