- Nov 28, 2018
I changed the car earlier this year. I handed in my bank statements and had my wife's as well. My salary pays all the mortgage, house and insurance stuff. We "live" on hers.Just because one has the money to buy something doesn’t necessarily mean one can afford it.
They didn't need to see hers, they did not disclose hers to the bank. She earns a good bit more. Yet I passed. All the bank cared was "does this guy pay his loans on time?". Affordability was not considered.
We are not stupid. Car loan is <5% of net monthly cash. But the loan algorithm did not know that.