I co-signed for a family member, now I want to buy my own car. I have bad credit and I'm young, but I own my own copmany and work..making about 3500+/month and I'm looking for financing but can't get anything...it's crazy. I found the car I want, I can afford it, but I just can't seem to get financing. Anybody know where I can go? The car is just $14300.00 after TT&L and I'm offering $2000 down, still nothing...doesnt make sence!! IM GOING CRAZY!!!!! lol help :-s
2006-11-27 20:03:22 · 5 answers · asked by marcus_ptr 1 in Cars & Transportation ➔ Buying & Selling
The problem with co-signing for an auto loan is that, to lenders, co-signer = co-buyer.
Lenders look at your credit history & see that you already have an open auto loan---you are responsible for that payment, & that includes making sure that the payment is being made ON TIME.
If the person that you co-signed for is not paying on time, that fact is being reported on your credit !
Since you already have an open auto loan--lenders will hesitate to give you another one. Especially if the currant loan is often delinquint.
I don't understand your statements.....you say you co-signed for a family member...which would mean you have (or had at the time) pretty good credit. Yet you also state that you have bad credit ...?
I suspect that this other auto loan is the reason why you are unable to get a car loan for yourself.
You need to get your name OFF of your family members car loan.
Hope I've helped.
2006-11-28 02:45:57 · answer #1 · answered by Vicky 7 · 2⤊ 0⤋
there's a asserting obtainable. in case you mortgage a man or woman $20, and you in no way see them back, that fluctuate right into a small quantity to pay to do away with them. needless to say it particularly is somewhat severe, needless to say you do no longer choose to be rid of your brother. i'd merely say no. If he needs and clarification, be large, yet make it clean he made this mattress and he can lie in it. credit historical past and credit scores are merely too substantial. Blame it on "the guy" if desire be. consistent with hazard create an "E-card" and e mail it to him. suggested titles: -Hell no! -Sorry you probably did no longer get the inner maximum loan -i will hook you up with a scooter -consistent with hazard next time pay your costs... -shouldn't I be mooching off you by now? -related is a lottery value tag, this has bigger odds than my co signing -mom would have enjoyed you extra, yet I also have a much better automobile.. All of it particularly is in solid relaxing needless to say. merely be trustworthy and don't compromise. Sorry guy, can no longer do it.
2016-10-04 11:17:59 · answer #2 · answered by wiemer 4 · 0⤊ 0⤋
Bad credit can be perceived as many things. I've seen a 690 fica which is ok, get turned down, yet i've seen a 550 get bought. Try going to your local credit union, if you are not a member, become one, they are your best bet as far as getting financed with a decent rate. Oh yeah, paying your bills help.
2006-11-28 00:08:50 · answer #3 · answered by jay 7 · 0⤊ 0⤋
Well you need a job that pays better, sell that cheap company.
When looking for a car loan. you need to find a good car first.
loan companys do not like to lend money on a cheap car, like the one you want
2006-11-27 20:17:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Don't know that there is a solution. Your bad credit and responsiblility would only make you available to a loan shark.
2006-11-27 20:21:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋