NPR: Financing question for SAHM or anyone who might know

AndiG

We are about to trade in my car (in my name) for a used minivan.  We  would like to keep the financing in my name, just because...for credit reasons and such...but I'm assuming since I don't have income I can't get financing.  Am I right?

JOEBunny

I don't have income, but I have assets.  I would have no problem getting financing in my name.  My dad hasn't worked in 20 years, and he has no problem getting a loan.

jen5-03

We just bought a minivan last weekend.

We applied for the loan at my credit union a few days earlier. I just assumed that we needed to put both of us on the loan since I have very little income - I wouldn't give me a loan with no income, ya know? So DH's name and info was on the loan application.  So we got joint credit, but I think we could have put DH down as a co-signer and gotten the loan that way too.

Temp86398625009737

yeah,we just had that probem and since we have excellent credit they tried to make up a job for me, but it still came back and I had to be listed secondary I think

AndiG

I hadn't thought of "assets".  This is the first big financial thing I've tried to do since staying home so I wasn't sure how that worked.  Thanks.

JOEBunny

I just bring in my brokerage statements showing I have more than enough assets to cover the loan.  I also have good credit.  I have found that most institutions are more than happy to lend money to people who don't really need it :-)