lots of luck. I'm in the same boat.
This is a very poor credit score. You can apply but it is unlikely you will get a loan without a cosigner. If you are able to get a loan without a cosigner your interest rate will be very high as compare to someone with a good credit score of over 700.
The cosigner's credit score is used. They are the one responsible if the primary signer defaults on payment. Both credits are ruined if the car payment is missed. Be very careful of who you sign for!
It will appear on the CR of both parties.
Both
Some who has character My Friend it is very difficult to get car loan with no credit and no cosigner although you have to contact some good car lenders in your area they can guide you better.
When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.
Depending on the lending laws in your state, yes. Some states require lenders to consider both applicants' credit scores, some only require the primary applicant's score be considered when determining the rate, while using the cosigner's score to determine whether or not to apply. Either case though, a cosigner with a better credit score than the primary applicant can only positively affect the interest rate or not affect it at all; it won't make it any worse.
Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.
Yes.
IF the primary has the credit score to satisfy the LENDER, YES. The co-signor will be notified they are no longer on the loan, which will likely make them VERY HAPPY.
Yes.
If you need a cosigner for the loan because of bad credit, it means you can't afford the car.