Yes. But where would you get a cosigner willing to put his good name and credit rating onto a loan that is going to end up being just another example of your bad credit? Co-signer means that if you don't pay they are going to have to pay. Maybe your mom would do it but no friend or employer would.
2006-09-19 07:57:15
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answer #1
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answered by Rich Z 7
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If you want a car loan at a reasonable interest rate a co-signor would help but you are putting that person's credit on the line. think about why you have bad credit and if you can really handle the car payments. Do you want to jeopardize the credit rating of the person who is trying to help you?
Even with bad credit there are places that will give you a car loan but you will over pay in interest and likely over pay for the car.
Remember, a car is a luxury, not a necessity. The best idea is to buy whatever car you can with CASH.
2006-09-19 08:07:06
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answer #2
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answered by Anonymous
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It doesn't necessarily guarantee that you will get the loan, but it will determine how much of a rate hike you will get due to you having poor credit. Credit is something that you can't fix overnight, but having and making your payments on the car will definately help. The only thing that scares me about having someone co-sign a loan with you, is that it has the possibility of pulling their credit down with you if you can't make the payments. Please be considerate of the other person and if you don't think you can make the payments regularly, don't get a cosigner....
2006-09-19 08:15:35
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answer #3
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answered by Scott J 1
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bad credit will guarantee 2 things:
either no loan at all
or a loan with very high interest rate
a low credit score means you're more of a risk to loan money to.
a co-singer may be able to make up for your bad credit, but they'd be on the hook if you dont pay up.
2006-09-19 08:04:12
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answer #4
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answered by okiedokey 3
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If the co-signer has good credit and you can show enough income.
2006-09-19 08:13:20
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answer #5
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answered by Papa John 6
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The co-signer has to have very good credit to be able to "carry" you.
2006-09-19 07:57:29
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answer #6
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answered by profoundatheist 2
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depends on how bad yours looks and theirs. mine was pretty bad, they ended up switching it so i would be the co-owner and the other person the primary. both our names are on the title/reg. they took into account both our credit ratings but figured i get a better rate if they switched the names which was pretty underhanded thing to me but it got me a car with a nice monthly payment
2006-09-19 08:08:20
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answer #7
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answered by MiaDiva28 6
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It depends on HOW bad your credit is and how GOOD their credit is. The answer is yes though.
2006-09-19 07:55:56
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answer #8
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answered by Mike Hunt 5
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How about YOU fix your credit and THEN get a new car!
2006-09-19 08:02:35
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answer #9
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answered by yaiyai 3
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sometimes ... depends on how bad it is....
2006-09-19 08:00:58
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answer #10
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answered by panda 6
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