yes, you should make a new viewmodel, which consists of the union of other 2 models.
Also consider the mechanism of MVC (i,e, why models use, in what way models help, and why do we make them strongly type with views). This is why, models are for. It's also going to support you in a smooth way, while posting your form values to some action, decorated as [Httppost], because it is going to be difficult in case where you do not have a model, or have 2 different models. make something like:
public class UserRegModel
{
public User UserModel{ get; set; }
public Contact ConModel { get; set; }
}