I'm trying to get a new car (2008 Dodge Avenger SXT), and I have the money to finance it myself, but I have very little credit history established. I have two student loans in my name with deferred payments until after I graduate, and one credit card to which I have only made 3 payments, each in full.
The only person in my family with good enough credit to co-sign for me would be my grandmother. My grandpa died 2 months ago, so her income was cut in half - as she only is able to receive half of his pension and his social security and not her own anymore. We discussed her situation, and she has an income of 2200 dollars a month, with 750 dollars left over for frivelous spending (as in, for whatever she wants.. this figure is AFTER her mortgage, own car payment, etc.).
With my 800 dollar income and 0 bills in my name, would lenders look at our income TOGETHER to determine the debt-to-income ratio and grant us a loan?
And would we be able to get the loan?
2007-12-30
06:12:38
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2 answers
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asked by
Ryan H
1
in
Personal Finance