If my credit history is poor(trying to rebuild it slowly now!), I will probably need a cosigner for my car I would think. Would a co-sgner with a 6 month credit history which is short but they been oustanding with there payments be of any help in getting approved for this loan?
2007-01-29 11:13:09 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
Maybe. There is more to getting a car loan than credit score. They also consider, length of time at job and residence and down payment is very important. The thing you need to consider is do you really need a car loan. An older car you could pay cash for might be a better choice. Many car dealerships can get people with poor credit histories financing but it is an expensive proposition.
2007-01-29 11:19:48 · answer #1 · answered by SKYDOGSLIM 6 · 0⤊ 0⤋
It may be worth a try but don't count on it. Try to think of someone else who can sign with you. There are practical reasons that credit makes such a difference. Poor credit or a short credit history are signs that car payments may become difficult. Maybe try for a used car or something more affordable.
2007-01-29 11:22:01 · answer #2 · answered by summer 5 · 0⤊ 0⤋
Well.... if you *can* get the loan for your history and the history of your co-signer, the interest rate is so high that it may not make any sense to move forward. Remember, the worse your rating and the rating of your co-signer, they will try to hedge their risk by raising the interest rate.
2007-01-29 11:21:47 · answer #3 · answered by tkquestion 7 · 0⤊ 0⤋
Nope, you need a parental co or someone with longer history, and car credit in their history.
2007-01-29 11:17:27 · answer #4 · answered by Yahoo Answer Rat 5 · 0⤊ 0⤋