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Do I still need a co-signer?
My wife and I went to buy a new car at a chevy dealership and both of our credit scores are pretty bad. Hers is in the 400 and mine is in the 550 range. They used mine for that reason. Anyways, I had a auto loan for a truck I bought a while ago and the bank required the title for the truck and I never sent it to them. They in turn, deemed the loan "unsecured". I sold my truck and didn't pay the loan off (since it was deemed "unsecured") to build my credit back up. On my credit report it say's "auto loan." Therefore when the dealership tried to get me approved for a loan, they told me that I needed a co-signer. They said it was because the bank they were trying to get me a loan through needed justification for two vehicles. Now if I was to pay the old vehicle loan off, would I not need a co-signer?
2 Answers
- 1 decade agoFavorite Answer
With your credit score being so low, you might still need a co-signer no matter what. You need to pay off that loan so it will boost your credit some. If you are both working, you will want both named on the loan so it will build both your credits. Being so low, your APR will be so high it will seem like you are never going to pay it off. But you can refinance after a while and that should lower your APR. That's what my hubby and I did. Our first car loan apr was 19.9 after a year of paying on it we re-financed the car loan with another bank and it went down to 6.5. We were able to pay it off quicker with lower payments after doing that. Good luck
- ?Lv 44 years ago
Fisherwoman is sturdy on the money in this one. this occurs continuously. in case you insisted on being on precise, (popular purchaser), the two your money could have been so lots greater or you won't have been authorized in any respect. The broking needs the deal over the dimensions down and countless suprises take place as quickly as the shoppers are in the field, (the finance place of work). verify that your insurance is so as with the place of work work. actual the vehicle is his and you are the co-sgner. only be sure you're in the co signer field on the papers on the financial employer. each so often reproduction papers are signed and if the co signer is vulnerable(ish) the financial employer in no way sees paper with the co signer.
