i have terrible credit! so i will have someone else get it for me under their credit..... my question is, can i still get insurance under my name? will it be more expensive or does anyone know how that works? can i still drive it even though it wont be under my name? thank you!!!
2007-03-20 12:35:36 · 5 answers · asked by gaby5 2 in Cars & Transportation ➔ Buying & Selling
yes you can get insurance. if you do get the car, make sure your name is on the registration too. you can be the joint owner.
2007-03-20 12:41:14 · answer #1 · answered by MiaDiva28 6 · 0⤊ 0⤋
You should not expect someone else to take the risk on for you if you have bad credit. This means that if you default on the loan, or are late on a payment then the cosigner's credit score gets messed up as well. I've seen too many relationships messed up due to this, so this is why I'm probably a bit harsh.
The truth is that I've been hit more than a few times and can still get a car loan. Try and shop around for a loan first, there are a lot of them out there that will finance anyone. So you don't need a cosigner. I would weigh the costs and benefits of owning a car as opposed to taking the bus, for example/ Insurance is going to be higher for you because of your credit, although it shouldn't cost you more for a car you own jointly with someone else.
As I've said; my credit is also terrible; but I found a way to finance a car as I didn't want to put anyone else at risk with my problems. Do a little more digging and soul-searching and you'll find the answer you need.
2007-03-20 12:47:26 · answer #2 · answered by Anonymous · 1⤊ 0⤋
I agree with Walter G. There are a lot of companies that specialize in sub-prime loans (loans for people with bad credit.) I am the finance manager at a car dealership and can get almost anyone approved. It is going to help you re-establish your credit as well, just make sure that you make these payments on time.
2007-03-20 14:47:36 · answer #3 · answered by josephparvidson 2 · 0⤊ 0⤋
I will agree with walter G but will go a little further and tell you that if you could save about $5000.00 you could get yourself a comparatively new car for the asking at a repo auction in your area ,it takes a little research and it could save you a bundle,I hope that we were helpful,good luck.
2007-03-20 12:53:29 · answer #4 · answered by delmy d 3 · 0⤊ 0⤋
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2007-03-20 13:15:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋