Add wife to loan

Hi Guest,

It will depend whether your wife helps or hurts the transaction. For example, if you have great credit and she has bad credit, then it would hurt you to add her to the loan as it will hurt your loan approval. Keeping her off the loan could eliminate her financial responsibility to repay the loan if you default and this would benefit her credit.

Thanks

There can be quite a few benefits associated with adding your wife to the loan, like she'll be sharing financial responsibility for the loan. However, when it comes to the negative points then it depends on her credit score. If her credit score happens to be low, then it can act as a deterrent to getting the loan. On the other hand, if she has a high credit score, then that'll prove to be an added advantage. Consult an attorney if possible regarding your wife's and your financial positions.