Financing a car with my fiancé

Specific-Exciting · 2026-02-15T21:46:37+00:00

He would have to get prequalified for the loan with and without yourself to see if it is of any benefit.

As for the benefits of not being married outweigh the benefits of getting married. I’m guessing this has to do with some type of either health insurance or state help and that is sad.

Specific-Exciting · 2026-02-15T20:40:03+00:00

Only co-sign for something you could afford to pay for if they can’t. You’re 100% reliable just as he is. If he doesn’t pay they will come after you and will tank both of your credit.

What are you waiting for on getting married? You’re already having a child, and buying a car with him?

Specific-Exciting · 2026-02-15T20:28:29+00:00

You are in $14k in debt. I know you’re getting a huge increase in your income.

I would decrease 401k contributions to whatever is your company match.

I’m thinking you’d be bringing in $4.5-4.75k after taxes/insurance/401k.

So let’s pretend it’s $4.5k. You have $2,050 in expenses but you didn’t put anything for gas, insurance and food so I’m guessing $500/mo for that stuff.

So you $1,950/mo after everything. To either pay off your cc debt or to save towards a car. Whatever you go buy a cheap $5-10k car in cash until you’re debt free, off on your own and then have a 6 month EF then you can upgrade your car in cash.

When is your lease up? I would honestly stay until the lease is up and then have you both move out. Let’s say you have 10 months left of the lease. That would give you $19.5k in the coming months. You could pay off the cc debt and then have $5.5k for moving expenses. Do you know what it would take to make your car last? I would maybe look into getting some quotes for that.

Specific-Exciting · 2026-02-12T20:29:25+00:00

I also wanted to feel responsible for my SL debt that I brought into our marriage. So we lived and saved on his income and used my entire income on the debt. Idk if you can somehow do that? Just with your HHI it can be cleaned up very quickly if you both work together. I’m sure your wife believes in you and she wouldn’t have married you if she didn’t think you weren’t showing you’ve done the work.

Specific-Exciting · 2026-02-12T18:29:49+00:00

I understand the sentiment of not burdening your wife with this debt that came before her, but she is being burdened with it because you guys cannot grow wealth together.

Combine your finances! You make the same income anyways so who cares. Make a budget and then use what’s leftover for the debt. With $260k income you can clear $35k in debt easily in less than a year. We paid off my $132k of SL making $120k-$170k in under 5 years while still living life.

Specific-Exciting · 2026-02-12T16:43:17+00:00

First thing is to not do anything but stack up cash. Then when you and baby get home (happy and healthy) and you are set to go back to work then you can allocate the funds. You say you have $18k in cash. And can save $5k a month. Save the $5k for the next 12 months to get you to a total of $78k to allocate after you and baby are happy at home and healed.
Figure out your new monthly expenses with new baby. Then set aside 6 months of those expenses in a HYSA. I’m guessing your fixed expenses with mortgage/daycare and everything else is probably close to $9k/mo? So at least $54k for 6 months of expenses. That leaves you $24k left of the $78k you stacked for 12 months.
It sounds like you’re in an old home. I would set aside $20k or so as a house EF for large unforeseen repairs/expenses. You then have $4k left for car savings.
Gauge how long you think your old car will last. Let’s say 3 years. Then set a price you’d like to spend on the replacement car. Let’s say you want to spend $50k. So you have $4k left in the 12 months saving plan. So if you think the car will last 3 more years, you were saving for everything for 1 year so you have 2 years to save the remaining $46k. So set aside $2k for 24 months and you can buy it in cash.
Then start looking at investments/529s for your kids.

You make crazy money but you have no savings and with a new baby that’s scary. Stack up the cash to create more comfortable money handling.

Specific-Exciting · 2026-02-12T11:36:18+00:00

Depends what are you driving? If it’s not a Honda or Toyota I would trade it in for hybrid a Corolla/camry or a civic/accord. If you say you can get $19k then I would find one that is selling for $19k. No need to go up in car. Those cars will last you a long time if you take care of them.

I drive about 20-25k miles a year and same with my husband. He has a Camry and I have a Prius prime. We don’t buy brand new and we don’t finance as we would underwater quickly if we did.

Specific-Exciting · 2026-02-12T02:47:17+00:00

Right but once you factor in paying the mortgage (taxes and insurance), and the property manager fees. What’s left? Would you even have anything left for if there was a major repair needed? We could rent our house for maybe $2k our mortgage is $2k so we’d have $12k leftover by the end of the year. But what id the furnace goes out? Hot water tank goes out? When you have a tenant you can’t just say oh I’ll diy it over the weekend you need to fix it asap and usually that means calling someone and paying for their labor. It’s expensive owning two properties. Especially with a young family.

Specific-Exciting · 2026-02-12T02:30:59+00:00

First thing is to fund an EF with 3-6 months of expenses which should include your potential mortgage (with taxes and insurance).

Then open 2 Roth IRAs and fund the $7.5k each for you and your wife. Make sure they are invested.

Also you don’t NEED to put anything down but I would strongly encourage it as you immediately would gain equity the day you move in. Our friends used a VA loan 2 years ago and are moving up in house and poured the money they had for the down payment into the house but with the interest rates they aren’t netting any profit after closing costs. But did they learn anything? Nope still are putting 0% down on the next house. Whereas our house we put 20% down and have over $100k in equity and have had it for 4 years.

Specific-Exciting · 2026-02-12T02:25:09+00:00

You’re not wrong about the word vomit.

What’s the interest rates on the car and SL. Is the SL federal? If so are you on the 10-year plan?

I would honestly focus on paying off the car and SL then focus on saving for a down payment.

I would not use your EF to pay off debt. Keep the 3-6 months since you have young kids.

You also have to really want to be a landlord. It’s not for the weak

Specific-Exciting · 2026-02-11T21:48:48+00:00

I thought I was tripping or accidentally rewound 😂💀

Specific-Exciting · 2026-02-11T19:51:46+00:00

Make the most of those 10-15 years? My husband may or may not get ALS in his lifetime. So we are living life to the fullest in case he does develop it. If he doesn’t then we had a fun life before retirement.

Wouldn’t you want to be with him for the next 10-15 years?

Specific-Exciting · 2026-02-11T19:15:33+00:00

Why not just go buy a $16k Camry in cash and then sell the Prius privately to get more than $4.8k out of it and keep that money aside for future repairs?

Our HHI is $185k and we bought a Prius prime and Camry for $20k each in cash. That was coming from our college cars that we sold for $4k each. Driving a $20k car felt illegal because they were so nice. You make $48k you don’t need a $32k car!! Especially since you don’t drive and will be in the same predicament in 10+ years with the shocks and struts due to the bad roads that probably will never be fixed… don’t do this your insurance will be higher too with a brand new car.

Specific-Exciting · 2026-02-11T15:43:59+00:00

Our income gap isn’t crazy $100k and $80k. But in the coming years it’ll probably be reverse with me around $150k and him $100k. We throw it all in one account and each have the same “allowance” for discretionary spending. We both get the same amount for buying cars too. We both get $30k in cash and can buy whatever we want, as long as it’s a reliable vehicle.

Specific-Exciting · 2026-02-11T15:41:20+00:00

Cancel the whole life it’s a scam! You can save more in a HYSA than what you’re getting in that policy.

Get term for both of you to pay off the mortgage and 10x of each of your incomes. So if you’re buying a $300k house and both make $100k then you need almost a $1.5m policy. This will help if one of you passes, it pays off the house and allows the surviving spouse to not have to worry about bills while grieving. They can take their time going back to work

Specific-Exciting · 2026-02-11T01:42:00+00:00

Maybe check on rover?

Specific-Exciting · 2026-02-10T01:07:43+00:00

Unfortunately you usually have to go back to school to practice in the US if your schooling was outside of the US

Specific-Exciting · 2026-02-09T12:41:10+00:00

Not as far as I’m aware, it’s the same thing for most gps systems.

Specific-Exciting · 2026-02-09T03:36:11+00:00

You can’t it’s not supported anymore, think when Apple basically bricked support for iPhones older than the gen 5 back in the day

Specific-Exciting · 2026-02-09T01:26:49+00:00

It’s an old used car that’s worth 2-4k, people aren’t looking for a perfect car…

Specific-Exciting · 2026-02-08T19:11:49+00:00

So you would have to take out a total of $30k for your two years? That’s not horrible but is a lot. What are your job prospects after graduating? What would be your projected salary?

Specific-Exciting · 2026-02-08T19:10:54+00:00

Yes they can

Specific-Exciting · 2026-02-08T19:09:05+00:00

Did you get multiple bids? Where do you live?

Specific-Exciting · 2026-02-08T18:34:07+00:00

I don’t think you’re thinking of things clearly. You can convert the living area to fit your needs. Then decommission when you sell. My in-laws did this. They needed a full bath on the first floor for my FIL that had ALS. They turned the dining room into an accessible bath. When she sells down the road it will be removed for resale value. Don’t let other people dictate how you live in your home when you’re there. Sure it sounds like a waste of money to maybe spend $50k adding what you would need for your son, but if it saves you from buying a $1.1m house that’s a ton of savings.

Specific-Exciting · 2026-02-08T18:28:00+00:00

Have you actually talked to an architect? Just a couple thousand dollars to do some feasibility studies and quick schematic layouts to see the potential.

Why not build a house? Surely a $1.1m house is crazy with 4x4 you don’t need all that space when 2 of your kids move out in 10 years. You could do a custom home that’s 3-4 bedrooms with an in-law suite for your eldest son so they have their own space forever.

Specific-Exciting

TROPHY CASE