There are a lot of changes to consider when you get married: which side of the bed you sleep on, scheduling time together and understanding how your finances have changed.

Making a major purchase as a married couple may carry some added benefits as well as challenges, especially if one of the individuals had poor credit. Here’s how marriage affects your auto loans and the process of buying a vehicle.

Before You Look for Auto Loans

Even before you start shopping and dreaming about the wonderful new vehicle that you are going to purchase, there are several important considerations for a married couple.

Perhaps the most important topic is your finances: are the credit scores of both individuals strong enough to merit excellent credit rates?

Reviewing your budget thoroughly allows you to set a maximum amount for your monthly payments, too. Agreeing on these dollars before you even begin shopping for auto loans can help you make good decisions throughout the process.

Do Your Research

Will a new or a used car be the best option for your family? Once you’ve established the baseline of what you can afford, you can begin honing into the right vehicle for your family. While SUVs are much more expensive than many compact cars, you need to have the right fit — literally!

Joint or Individual Auto Loans?

If you are buying two distinct vehicles, it may make sense to have the auto loans divided between the couple as opposed to joint loans for both vehicles. It’s important to keep in mind the promises behind auto loans: you are accepting responsibility to pay for the vehicle, even if something happens within your marriage.

Prepping to buy a vehicle is an exciting time and keeping these tips in mind will help you successfully find the right auto loans for your needs.