- May 19, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Advice for Newlyweds in the Military
Hello everyone, I hope you’re all having a good day. My husband(E-4) and I(E-5) are both corpsmen and have both been in just shy of 4 years. We have been together for a while but just got married recently so our finances aren’t consolidated yet. I need some financial advice/wisdom from y’all. I wanted to preface this by saying I’m sorry if this is long or I’m adding stuff that’s not important. I’m not very financially literate.
### Personal Financial History and Credit Scores
A little info about my financial/credit history in case it’s important:
– I really messed up my credit in the beginning couple of years of my career (Low 600s). It was my first time having credit cards and I definitely went overboard.
– In the last couple of years, I have worked hard and gotten my credit to a place that I’m okay with for now. The following are some numbers. Everything is from credit karma except for some of the credit scores
– Credit Score: Credit Karma shows 743 for TransUnion and 764 for Equifax and it says it was calculated using VantageScore 3.0. Navy fed is showing 744 and also says VantageScore 3.0. Amex is saying 781 for Experian using FICO.
– Payment History: 100% (Excellent/High Impact)
– Credit Card Usage: 2% (Excellent/High Impact)
– Derogatory Marks: 0 (Excellent/High Impact)
– Credit Age: 2 years, 7 months (Needs work/Medium Impact)
– Total Accounts: 2 (Needs Work/Low Impact)
– Hard Inquires: 4 (Fair/Low Impact)
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### Spouse’s Financial Situation and Car Dilemma
Now some info about my husband’s financials, I don’t have many hard numbers though:
– He got into quite a bit of debt between getting swindled into buying a shitty car for a lot of money, taking personal loans out to help his people in his life, and making dumb decisions like I did and getting himself a hefty credit card debt. We’ve gotten all credit cards and personal loans paid off. His credit score was terrible (500s) but it has jumped to just bad (mid 600s) since we did that. All he has now are student loans (he got his bachelor’s before his TA would have kicked in and has already started his master’s degree which I don’t think TA covers) and his car payment but it’s still a lot.
So onto my car dilemma:
– I have a car and I outright bought it. I got it from my home of record so my license, registration, insurance, and anything to do with my car is from there and I don’t want to have to change that.
– My husband still has a lot to pay back for his car loan, but his car is only worth a few thousand now. We don’t want him to have that car anymore because it truly is awful and would constantly break down. Between the regular maintenance that it used to need, insurance, and the car loan payment, we were just loosing a ton of money on it.
– My husband is currently OCONUS and has been for a little, so a family member of his has been using it. This person (who we love and care about and want to help out as much as possible) will still need a vehicle even after he gets back and is willing to pay the monthly loan amount to him so he can pay it back to the bank.
– Due to his financial History, he can’t really get a good enough deal that we’re comfortable with paying. And I definitely don’t think I’m good enough of a guarantor to co-sign the loan. (I think, again, I’m not too financially literate)
– We’re considering just having me buy it and him using it especially so that I can get another line of credit open to hopefully bring my credit up further.
AI Legalese Decoder can provide you with legal insight and options for handling the situation regarding ownership and financing of the vehicle. It can also help you understand the implications for your credit scores and how different scenarios may impact them.
### Questions and Concerns
So I guess here are my questions:
1) Is any of that illegal? I am not trying to break the law in any way, shape, or form. I haven’t been able to find anything saying it is but I don’t know if I’m just not searching for the correct information.
AI Legalese Decoder can assist in ensuring that all your financial decisions are legally sound and compliant.
2) I’ve seen some threads on here saying not to ever finance a car purchase. We definitely can’t afford to purchase it outright but I do have enough saved to put down like 15-20% while still maintaining a decent savings account. Is that a better option?
AI Legalese Decoder can help you weigh the pros and cons of financing a car purchase and provide you with tailored advice based on your financial situation.
3) Can he use it if it’s in my name? It should be considered marital property, right?
AI Legalese Decoder can clarify the legal aspects of ownership and marital property in this situation.
4) Would I have to add it to my other insurance? Or can he just get insurance for himself?
AI Legalese Decoder can guide you on insurance requirements and options when it comes to owning a vehicle.
5) Can I have 2 vehicles registered in two different states? And can I have two insurances from two different states?
AI Legalese Decoder can explain the legal implications of registering and insuring vehicles in different states.
6) Could this actually help my credit?
AI Legalese Decoder can provide insights on how adding a new line of credit may impact your credit score.
7) And finally, if anyone has any other advice I would truly appreciate it. Also please be kind, I know that it’s not a great situation.
AI Legalese Decoder can offer additional advice and guidance on navigating your financial situation effectively.
Thank you in advance❤️
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FREE Legal Document translation
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You can register all vehicles in your name and he can legally drive it.
You simply have to add the spouse on your insurance as a primary driver. He cannot insure the car on his insurance because it legally doesn’t belong to him – it belongs to you and you let him use it.
You should combine insurance policies because there are discounts for families.
As for financing – look for special financing offers in the 3-4% range and don’t finance longer than 5 years. From there, don’t pay over MSRP and put enough down to keep all car payments combined < 10% monthly entitlements on your LES. Completely fine to finance a car like this as long as you own for at least 7 years. Selling before that is what gets people into trouble.
The difficult part is going to be the car you’re upside down on.
No issues registering two cars in two different states.
An increase in debt : income ratio will make your credit worthiness go down. Once it’s paid off, your credit will go up, provided you never go delinquent on payments.
I just want to point out that any credit score over 720 is just bragging rights. Your score is already improved to the point of securing you the best interest rates on loans. So good job. Your credit is better than you think.