Will I still need a cosigner for a new '07 if....?

Question

my credit is lower then 450, but I'm gonna put $4,000 down, I make $2,010 a month but I've only been working there for 6 months? And FYI my credit is low because of my age (under 21 over 18)...not because I'm in debt. If I do need a co-signer...how good does thier credit have to be? in th 500's or 600's?
Thanks in advance for all of your helpful responses!

Answer 1

I bought my first car when I was 22 and was approved at 8.9% without a co-signer. I don't remember what my FICO was but I had only credit cards at the time. It was thru Honda Finance. But it depends on the bank..... FORD Finance requested a co-signer and 40% down for a Mustang. Glad I didn't buy that crap.

Answer 2

If you are able to get a loan, the interest rate will be outrageously high. It's not just your low credit rating, but the fact that you're under 25 and have only been at your job for a short time. It will be tough to find a bank willing to carry a loan for you without a co-signer. You also need to figure in the cost of insurance, which on a financed vehicle means it has to be insured to the max, no getting away with just the bare minimum to be legal. If you haven't already shop around for insurance to get an idea of what it's going to run, potential lenders will factor it in when considering you for a loan. It can also make the difference of whether you can afford the car or not.

Answer 3

Your age did not lower your credit score. At best, you just wouldn't have one. Your not likely to get a loan at a reputable bank or credit union with a score of 450 without a STRONG co-maker. By strong, a credit score of 675+. Good luck

Answer 4

If your FICO is below 450, it's not due to your age. I have a friend whose son got a home mortgage at age 19 and he had a FICO of 650.

You're going to need a very strong co-signor with your FICO, probably over 700 at least, as well as have sufficient income to pay the loan if you should default.