Wife’s bank statements show high spending—how to get the best car loan rate?

[tableinabearmykids87]

My wife is applying for a car loan. Her accounts look unusual because all the household bills are paid from her account, so it appears she spends as much as she earns. However, she has a strong credit history. What would be the best way for her to secure the lowest possible interest rate? Thank you.

 

[TurboTimeJump]

If she’s paying all the bills, get the loan in your name.
Your bank sees you with no expenses at all.
That is, if you trust her.

 

[QuantumOtter]

For most loans, your credit history and income are the main factors lenders consider. Only for major purchases, like a home, do other elements become important.

 

[FireIceMortal7]

Just cuz you're making 200k a year doesn't mean they're cool with you spending it all They're not into that. Maybe try getting one in your own name, or just wait like 3–6 months and show way less spending on her account

 

[moosewookin]

Hi mate bank statements aren't usually needed for car loans.
She'll need to list household spending, but that can be cut in half or nearly if you show income evidence to help soften that part.
Most times, all it takes is a finished application, a couple of payslips, and a copy of a licence.
I’m a broker in this area. If you’d like some help, just reach out!

 

[bloodfreeman1080]

Based on the available information home ownership, strong credit history, and stable income it appears that bank statements should not be required for this car finance application.

 

[June]

Hey.
Just reach out to REV Finance.
No problem here.
Not from what you’re telling me.

 

[LostTypewriter]

Most lenders work off a personalised rate model or a rate chart based primarily on credit score and home ownership.
Serviceability usually comes into play after the rate has been determined.

Most banks are moving away from joint car loans… which is herding people towards brokers or dealers. The best deal is rarely the most straightforward.

Also, remember rate isn’t everything… and that you should compare the repayment versus the total payable.

 

[brokenbouldermgr]

If she is your Mrs, it should be shared account. Too many benefits not to.

 

[ZorchyBot]

Honestly, borrowing money for something that loses value, like a car, is a tough way to start. When you save up to buy a car, it really shows you the value of what you're giving up now to get it later, and it naturally keeps your budget in line with what you can actually afford not just what you think you can manage for payments. Car loans can seriously shrink your future ability to borrow for a home or an investment property, and both of those could really help you get ahead down the road. Instead fo pouring time and energy into figuring out how to make a not so great money move, maybe channel that effort into thinking about why she needs the car in the first place, and see if there’s a cheaper, less stressful way to meet that need.

 

[ANT]

Put 20% down and you can bypass all the checks

 

[EltonSierra]

FI & wealth is worth looking at, it might be helpful.