he already has a car loan for himself and still owes 15000 and has a credit score of 742,,,would it make a difference if we both put our names as co-signers or would my dads name be enough.
He is going to try to finance a 25000 car is it possible?
2007-01-02 14:55:14 · 7 answers · asked by txrida88 1 in Business & Finance ➔ Personal Finance
I'm just wondering why you need a $25,000 car if you can't get it on your own?? I'm not being harsh, but do you really want to put that kind of financial strain on your father or can you wait until your credit and income allow for you to get it on your own?
Whatever you do, I hope everything works out well for you!
2007-01-02 15:42:11 · answer #1 · answered by Josi 5 · 0⤊ 0⤋
It's nice to know your dad is willing to cosign the loan for your $25k car. Thing is, I'm surprised he's willing to risk his credit rating for you.
Because the moment you blow payments for your toy, not only does that drag down your credit rating, it drag down your dad's, too. Meaning his car loan and all of his other debts starts getting rated badly as well. The banks will start raising the APRs on his debts, amking it even harder for your dad to pay off his own debts, much less your toy's.
Not to mention the strain the defaulted debt will put on your relationship. My parents cosigned on a loan for my brother's girlfriend's car some years back. The girlfriend happened to be a daughter of a friend of the family. The relationship ended soonafter, but not the loan. The ex refused to make payments, putting my parents' credit worthiness at risk. They ended up making the payments, but they were out a lot of money as a result. The relationship w/ that family friend never really healed.
So while anything is possible, be aware of the risks. Maybe being responsible includes not putting it on your dad to put money up for something you probably can't afford at the moment.
2007-01-03 03:20:21 · answer #2 · answered by CMass Stan 6 · 0⤊ 0⤋
I wish my credit score was that high (LOL) If your dad is willing to do this for you, make sure you both get the credit in both names. i did this for my son....on a credit report it shows he owes the money and it shows I owe the money. Therefore, when the loan is paid he is building good credit. I am too old to need credit anymore....I just don't have many wants.
2007-01-02 14:59:34 · answer #3 · answered by tafttootsie 2 · 0⤊ 0⤋
You can get a great used car for under $5000. Why saddle yourself with a depreciating asset that makes a finance company rich...and keeps you broke?
2007-01-02 15:01:23 · answer #4 · answered by smiling_freds_biz_info 6 · 0⤊ 0⤋
pay attention the themes of economic entanglements. a million. As for the motorcar you're at present paying for-in case you opt for to have your female friend have it, then confirm all loan papers are switched over to her so she is the only to blame for any destiny debt on it-not you. She would then manage to have basically her call on the call as well. It protects both one among you basically in case she fails to pay or wrecks the motorcar etc. (There would also be criminal responsibility themes if both one among your names remained on the call-so do not). It also clears that debt out of your credit so that you'll keep for yet another vehicle for your self. 2. because you're searching for yet another vehicle, do not lease! it truly is between the most severe priced worst procedures to have a vehicle and it basically does not make economic experience. economic author DaveRamsey calls it "fleecing" it really is so undesirable. distinct articles in funds mag, sensible funds, etc. also propose shoppers to circumvent leasing a motorcar. you should use your credit to purchase a vehicle, not lease one. confirm you get this done previously you even evaluate letting your dad communicate you out of your credit. in case your female friend promises something for your fairness on your modern-day vehicle, then you truly can use that in the route of the down price on a change. Your modern-day vehicle is about a million/3 paid for, so perchance she would supply you regardless of a million/3 of that's modern-day cost is, alongside with having your call faraway from the deepest loan. that would want to actual help you get a change. 3. do not assist you to dad communicate you into being a co-signer for his $60K vehicle. you'll opt to apply your credit for your self. If he can really have the funds for the Mercedes Benz, then he would not choose you as a co-signer. If he became in all probability to be a superb credit chance, then he would have a more desirable credit status himself. do not enable him damage your credit. Loaning funds to a pal or co-signing for them is a recipe for disaster. If he fails to make the funds then you truly are on the hook for the motorcar he's driving-not a superb concern! There would also be different criminal responsibility themes if he's in an coincidence.
2016-10-16 23:10:45 · answer #5 · answered by ? 4 · 0⤊ 0⤋
He should try to apply with eloan, they will do the best job with it and they usually don't care about who is assuming the loan. They have a promotion now, If you use this link http://www.tkqlhce.com/click-2177451-10427742 they will waive the lender fees.
2007-01-04 15:00:06 · answer #6 · answered by Cindy 1 · 0⤊ 0⤋
he can co sign for you, credit is always open. the more you have the more you can get..
2007-01-02 14:58:05 · answer #7 · answered by κύριος κτίστης 3 · 0⤊ 0⤋