I am going to look at a 7000 dollar car tomorrow. I have bad credit and my mom has good credit. Do you think I have a decent chance of getting this vehicle if she cosigns for me? I am worried to death that it won't pan out.
2007-06-01 08:26:40 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
I am going to look at a 7000 dollar car tomorrow. I have bad credit and my mom has good credit. Do you think I have a decent chance of getting this vehicle if she cosigns for me? I am worried to death that it won't pan out.
My Credit is in the high 400s i think and i make nearly 10 dollars an hour at my job
2007-06-01 08:39:16 · update #1
First do you have the income to handle a car payment? It's a possibility that you will be allowed a co-signer but there are too many variables to give you a concrete answer. It all depends on the strigency of the lender, your credit score/history, and your income. Some people's idea of bad is really not that bad and other's sorely misjudge their credit to be not that bad when it's truly bad. If you're denied and they don't allow her as a co-signer, you may have to wait awhile to get a loan. Also, check into your car insurance for rates before you buy. Most lenders require a certain amount of coverage.
2007-06-01 08:37:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Everyone else on here who has answered your questions has no idea what they are talking about. Rule #1 of lending is that a co-signer DOES NOT overcome BAD credit and a 400 something score is BAD. A 400 score shows that you have recent collections and/or charge-offs, so the lender will not want you anywhere on the app. PERIOD!! What people dont understand is that a co-signer is really a co-buyer, and that person is put on the loan to help "bridge" where you are weak as in income or job time etc etc etc not to overcome your bad credit. The only way you get a car loan is to let mom buy the car for you and you make the payment. Sorry
2007-06-02 01:29:59 · answer #2 · answered by Dano N 3 · 0⤊ 0⤋
You CAN get a decent car loan, even with bad credit. I've done it, but you'll have to look around. That's one of the BIG mistakes people make...just taking the first offer that's given to them when they go to the dealer. Be smarter than that.
WARNING: DON'T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It's a better option, you don't have to take what they're offering if you don't want it, and it's better than dealing with the car dealer's people.
There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below...
http://www.axalda.info/bad-credit-car-loans.html
2007-06-03 19:17:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
In order to get a decent rate she would most likely have to be first on the loan. With that senario you would probably be able to get the loan...Just remember if you mess up your payments your mothers and your credit will go down the tubes and then there is no other fall backs.
2007-06-01 15:38:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You should have a good chance...also it depends on how long you've had your job, how much you make monthly/annually there..and how much you are willing to cough up for a down payment ... if you're doing 100% financing (no down payment) .. your monthly note will be a little higher and you better have had a job for a while ... also, if your mom's credit is great then you shouldn't have too much to worry about...
2007-06-01 15:49:20 · answer #5 · answered by //\\FAME//\\ 4 · 0⤊ 0⤋
If they have good credit and cosign yes you will get the loan only because they are promising to make the payments in the event that you do not. Please insure that you do make the payments because they are putting they're financial, and credit score on the line for you.
2007-06-01 17:09:01 · answer #6 · answered by Pengy 7 · 0⤊ 0⤋
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2007-06-02 05:10:59 · answer #7 · answered by Anonymous · 0⤊ 0⤋