I have new credit, and not very much so I know that I will probably need a co-signer to get financed. If I do need a co-signer to buy my car, does the co-signer have to be there or can they do the deal through fax? My family lives 4 hours away but is willing to help me, I just don't know if I need them down at the dealership. (we live in Texas if that makes a difference) Thanks for your help!
2006-10-27 07:14:48 · 8 answers · asked by LiL' Momma 4 in Business & Finance ➔ Personal Finance
Good Times----- just because I don't have a few thousand $ saved up to but a new car doesn't mean that I can't affford to make a monthly payment on a financed car..... I'm smart enough to figure out my finances, I know what I can afford and what I can't thanks for you un helpful advice...... Everyone else, thank you for your answers, I found out that I do not need a co-signer.......
2006-10-29 06:31:31 · update #1
I am a co-signer on a car and I had to be there.
If you don't have much credit or new credit you probably won't have much of a problem getting a car. They may try to give you a high % rate but if you have not owned a car before you can qualify for the first time buyers rate. (mine was 4.9%).
Car dealers look at it as secured loan. If you don't pay... they will get it back.
2006-10-27 07:20:10 · answer #1 · answered by Keith Perry 6 · 0⤊ 0⤋
for this reason the dealership is performing as a lender (even theory they're marking up a cost that they are getting from yet another lender) and particular, they might stipulate the words of a loan to their income. you ought to objective getting a loan by a financial corporation, credit union or perhaps State Farm coverage yet whilst the broking needs to declare which you could't have a co-signer it extremely is using fact they choose for to cost you a a strategies better interest cost than you will possibly get with a co-signer.
2016-11-25 23:34:07 · answer #2 · answered by ? 4 · 0⤊ 0⤋
They don't have to be there but they will have to have their signature notarized. Problem with co-signers is that they get the credit points not you. Most car companies have a first time buyers program now so you should be able to get the loan especially if you some credit history of good payments.
2006-10-27 07:19:31 · answer #3 · answered by The Druid 4 · 0⤊ 0⤋
The dealership may send a Currier to have the papers signed. They could also have them mailed certified....but your family will have to take them to a notary and have them notarized. I am gonna give you some advice on buying a car too...even though you didn't ask. You need to buy your car at the end of the month. You also need to shop shop shop. Don't take what they want to give you or what you "qualify" for. If at all possible go to the lender yourself and get the funds, the will assure you that you will get the lowest interest rate. Good Luck and enjoy your new car.
2006-10-27 07:27:15 · answer #4 · answered by ransdoll90 4 · 0⤊ 0⤋
Typically a co-signer needs to sign the documents. They may be able to mail documents back and forth with a notorized signature but it depends on the rules of the lending institution.
2006-10-27 07:17:49 · answer #5 · answered by favrd1 4 · 0⤊ 0⤋
don't co-sign a loan. Banks will loan money to nearly anyone. if they won't for you, then they probably have reason not to loan to you. they are giving you a vehicle worth a lot of money, would you give you something like this? don't get into debt, buy the car with cash or get a different car!!! You are still learning about credit (you said you were new) how do you know that you will be able to pay for this?!?!
2006-10-28 01:20:49 · answer #6 · answered by GoodTimesMakingMoney 2 · 0⤊ 1⤋
I've never needed a co-signer for any kind of loan, not even my first car loan when I was 18. You might be surprised :-)
2006-10-27 07:16:37 · answer #7 · answered by kja63 7 · 0⤊ 0⤋
Preggo Ba,
Yes they will have to be there in person to sign the papers. After all technically they are buying the car.
TDCWH
2006-10-27 07:22:23 · answer #8 · answered by TDCWH 7 · 0⤊ 0⤋