Autoloan - very good credit score but spouse (automatic co maker) has a very bad one
Please don’t judge, just looking for honest experiences.
I’m applying for an auto loan for a 3M car. Will DP 1M and finance the 2M for 60 months. My credit score is around 900 (near perfect), while my spouse’s is around 315 (very bad). I also have strong liquid funds / cash reserves. I submitted statements proving that i have around 5M in cash. But I dont want to fully pay the car to have flexibility on my finances.
Important detail: my spouse’s defaulted credit cards were from before we got married. We just got married this year. She hid these things from me before we got married and just knew it now that we’re married. I dont want to pay for her cc debts because i want to teach her a lesson but this is not the point of this post so please dont teach me with life lessons.
I dont want to make her a co maker nor co borrower because my own income is more than enough for my monthly amortization. But in all the loans I applied for, the officer keeps telling me that in PH if you are married, its automatic for the spouse to be the co maker so i Included her details on the application forms.
Has anyone here been in a similar situation and still got approved?
Would really appreciate real experiences.