If they can induce you to put the loan on your credit card they can charge you three times as much interest as they will on the car loan.
Your credit limit on the credit card is already approved...so on the bank's books...hence the suggestion you use that line rather than establishing a new one.
Do the math about whether deferring the student loan makes sense. The interest on the student loan is no doubt less than anything you'll see for the rest of your life. Does that deferred interest (with compounding) + the interest on car loan come out as less than the interest on the car on the credit card account?
Why the reluctance to count your husband's salary? In the eyes of the law, marriage is an economic partnership. No less and no more.
BTW, a car loan is a loan secured by the value of the car. Adding $500 for tax and title means that you're borrowing for something that has no value....i.e. if you sell the car (or the bank has to repossess it), no one will recoup the $500. Why not accept the original loan, and put the $500 on the credit card?
Not that I'm trying to encourage you to take on more debt...sounds like you have plenty already.
Oh, and if you do defer the student loan, you must arrange that with the lender(s)...not simply stop payments. You knew that, right?
I think these policies make a lot more sense if you realize that they aren't about you, particularly - they are about convincing regulators and investors that the bank is now only making new loans to people who are highly likely to pay the money back. Since the banks have gotten in trouble by lending a bunch of money to people who weren't able to make the payments (often approved through various forms of gimmickry), they now want to have high-level policies in place to make sure they aren't making any more of those kind of loans.
So if you include your husband's salary in the application, you help show them that the two of you as a couple have enough resources that you are very likely to be able to meet both sets of payments, even if things tighten up for you. Likewise, if you defer your student loan, you show them that if it comes to a cash crunch, you will make your payment to them ahead of the student loan. For those purposes, it might be sufficient to get a written agreement from your lender that you *can* defer the payments, whether or not you continue to make them (check with your bank about that). Finally, as observer noted, if you put it on your credit card, you are using a credit line that has already been approved, not new credit. Even though you are more likely to get in trouble with the credit card debt, the bank is focused on controlling the new loans that they are making, not the stuff that's already approved. (It also helps make sure that you don't take the new loan, and then max out your credit card with other stuff, which would put you in even deeper trouble.)
Given all that, I suspect the simplest approach is just to go ahead and include your husband on the loan, unless there's a very good reason not to. But at least the bank's position may make a little more sense, even if it doesn't seem to apply to you.
I notice that my daughter keeps her finances separate from her husband's. Is this a new trend?
I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.
Joyce
http://www.videophonesguide.com
Going to college is a dream that many parents have for their children. This dream however is an expensive one.
Borrowing money for college is a big responsibility but college remains a smart investment for obtaining a satisfying career that earns a competitive salary.
Loan Modifications
The politicians have never wanted to help on the little people.
There are many people who face financial hardship and need help to avoid foreclosure. For this reason mortgage loan modification is available to them. There are many professionals who are fully dedicated to helping people.
People's financial situation can change in the blink of an eye. If you have recently lost your job and can not afford paying your mortgage teher are other alternatives that can help. Professional mortgage loan modification is available to you online or over the phone.
Commenting by HaloScan
