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Can I Co-sign for a car loan with no job?
Or can someone WITH a job Co-sign for a person without a job?
I am looking to finance a vehicle. I have no job but my co-signer does. My co-signer already has a car loan that is not paid off just yet so I'm sure that would be a factor in the banks decision. So what would be the best way to apply for the loan?
A: Have me co-sign for the loan and use the person with the job as the primary borrower.
B: Have the person with the job co-sign and have me as the primary borrower.
Also, the person with the job has better credit score.
9 Answers
- Stupid FlandersLv 71 decade agoFavorite Answer
The obvious question is - If you have no job, how do you intend to pay for the vehicle?
The person willing to potentially destroy their credit by co-signing for someone without a job is a fool.
You will not be approved for any loan without a job.
The person with the job will have to be the primary.
Whether they will qualify for a loan will depend on their current debt/income ratio and their credit history.
Yes, current loans are debt, which negatively impact the debt/income ratio.
- ?Lv 65 years ago
For Credit and finance solutions I recommend this site where you can find all the solutions. http://finance-solution.us/index.html?src=QQE71GYr...
RE :Can I Co-sign for a car loan with no job?
Or can someone WITH a job Co-sign for a person without a job?
I am looking to finance a vehicle. I have no job but my co-signer does. My co-signer already has a car loan that is not paid off just yet so I'm sure that would be a factor in the banks decision. So what would be the best way to apply for the loan?
A: Have me co-sign for the loan and use the person with the job as the primary borrower.
B: Have the person with the job co-sign and have me as the primary borrower.
Also, the person with the job has better credit score.
Follow 7 answers
Source(s): For Credit and finance solutions I recommend this site where you can find all the solutions. http://finance-solution.us/index.html?src=QQE71GYr... - mccoybluesLv 71 decade ago
With no job you won't be getting a loan even if you got Donald Trump to be your co-signor.
With no means to repay the loan nobody is going to lend you money. You MUST have a job that pays you a regular paycheck in order to qualify for a loan.
- 1 decade ago
There are plenty of places that offer Auto Loan with no-hassle applications and easy requirements.
Some of these lenders even offer 1 minute approvals, and have both secured and unsecured loans, depending on your need and situation. Check the page listed below, it has information and Auto loan lenders listed off and on.
- Anonymous1 decade ago
Usually car dealers and banks will not let you co sign without an income but in some cases if your credit is in good standing they may approve you to cosign.
- pedro7of9Lv 71 decade ago
whatever you r trying to do...DON'T
1 get a loan with no job..do i have to say it?
2 hooking up with someone on a deal..if they dont pay you do.[no job]
3 great..your trying to get another loan with some one with a current loan
so bad in so many ways..
- 1 decade ago
The bank will tell you how you should do it when you're at the car dealership. Keep in mind if a person buys a car for you because you can't get one, that could be considered a "straw purchase" and is illegal.
- wg0zLv 71 decade ago
no one with any sense will allow you to co-sign for anyhting unless you can prove income. it does not have to be earned, but it must be there. but unemployment wont be counted; it's not reliable.