My credit is currently really poor due to some hardships. If one of my parents, who have great credit, co-sign for me, will this help me get financed and get me a decent rate? I will be purchasing a used car, nothing too expensive. Also, if my parents co-sign, will they find out that my credit is poor? I don%26#039;t think I can get any type of auto loan right now, other than a buy here pay here place, which I don%26#039;t want to do. Would a parent co-signing open my options up?
I need a car and my parents offered to co-sign a loan for me...?
DO NOT go to a buy here pay here and dont buy used!!! You have a better chance with your whoever has the better credit being first on the loan and you being the %26quot;co-signer%26quot; that way you get a better rate and still benefit if you make your payments ON TIME. dont be late!! If nothing else make sure you make your car payment or you put their credit status in jeopardy. I say buy new because you get a better rate and better chances with the lender. Why would they want to finance something that they dont know anything about previously atleast with new they know that it is new. Your parents do not have to know about your credit score just tell them that your credit is not as great as their%26#039;s is. It is still the truth just not fully. And that you would like to know if they would go first on your loan because you done your research and found out that you would get a better rate that way. It also shows your parents your serious. Also let them know lenders dont look at it as a co-signer they look at it as a joint account, a co-MAKER, and that it is equally yours as their%26#039;s as far as the lender is concerned and no matter who is first it is equal as to how the payments affect the credit report for the both of you. Maybe with all of this they will go first on the loan and you will get a NEW car with a LOWer rate. Good luck.
I need a car and my parents offered to co-sign a loan for me...?
It will help you get a better interest rate if they have good credit, but also know that if they co sign, they are just as liable for the payment as you are, and they will be notified if you are late, or miss a payment. A late or missed payment will also reflect badly on their credit, not just yours. I don%26#039;t know your age, but just that fact that you need a co signer should give them a heads up that you don%26#039;t have very good credit. People with good credit don%26#039;t need co signers.
I need a car and my parents offered to co-sign a loan for me...?
OH yea!!! Definetly have your parents co-sign. I have had to do that a couple times, and the car place can%26#039;t give them YOUR credit report. It will allow you to get that car with a decent rate. Good luck!
I need a car and my parents offered to co-sign a loan for me...?
If your parents have good/excellent credit - then yes, having them as a co-signer will definitely assist you. They will probably give you a better interest rate - based on the score of your parents.
It%26#039;s definitely probably your parents will find out your credit is poor. They will have to be involved in the paper signing with the dealership and the discussion will come up regarding the credit scores and how they will go about financing the car.
Definitely having someone who has excellent credit is going to open up a lot of options. I%26#039;m not a car dealer or anything like that but I would also believe they will probably finance the car using your parents credit score as the %26quot;top%26quot; with your score as secondary.
As a note of personal advice - stick to your guns and don%26#039;t be intimidated by the dealers who will want to put you in something you can%26#039;t afford - because of your parent%26#039;s credit score.
It%26#039;s a really bad feeling if you violate your parents%26#039; trust by not keeping up with your loan payments, or being late etc. I know from personal experience!
Good Luck to you!
I need a car and my parents offered to co-sign a loan for me...?
I%26#039;ve been in the finance end of car dealerships for quite a while now. New car rates are defiantly cheaper than used car rates. If you can get a cheaper new car you would be much better off than paying a higher rate on a used.
Now, because you have a poor rating and your parents have a good rating, be prepared that the rate you would be getting will be higher than if your parents went in to buy it themselves. Your rating will pull down your parents rating. Banks assume that since a co-borrower is involved the bill will be paid by the person that needs the co-signer.
Good luck
I need a car and my parents offered to co-sign a loan for me...?
Your situation are typical for a lot of people,so,be patient and calm down,check the resource i found useful.http://loan.goodhelper.info/car-loan-rat...
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