Would it be financially beneficial to add my spouse as co-signer on an auto-loan if their credit score is higher than mine but they have no income and shorter credit history? The bank lady said since they have no income that would hurt us even though spouses credit score is 740 and mine is 690-701.
Your spouse can use household income. Try financing with the dealer as they usually can push things through with less hassle. Your bank may be overly conservative and request excessive documentation for a simple auto loan.
I’d take your lenders advice over reddit strangers.
Purely anecdotally; would the promise of repayment from someone without a job put you at ease if you were lending to someone? I would guess no.
If he has no income, his ability to repay is definitely a measure of higher risk.