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If my credit is bad can I get a car loan with money down or a cosigner with bad credit?
Wiki User
∙ 15y ago
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.
Wiki User
∙ 15y ago
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Does the APR go down if you have a cosigner for an auto loan?
yes it does, it will go down even more if the co signer has good credit.
If a cosigner on your car loan start getting bad credit from her credit cards should it affect your credit too?
not if you make your payments like you should a cosigner is only called upon if you default on your loan
When does the bank require a cosigner?
The banks want to know that they will get the money that they are owed back. Too many people today fail to pay back loans for a variety of reasons, both honest and dishonest. If you do not have an established, suitable credit history, a bank has no way of knowing if you are a good credit risk (reliable in paying your debts). By having a cosigner with the appropriately established credit history, if you fail to pay the loan, they can make the cosigner pay the loan. That is what the cosigner is singing for, to pay back the loan if you fail to do so. If you loaned money you would want to make sure you got money back, wouldn't you?
Can the primany buyer of an auto loan refinance the auto loan in the cosigner's name only?
No. The cosigner would have to apply for a loan in their name using their credit, income data.
When is co signer required to take over student loan payments?
The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.The co-signer is fully responsible for paying the loan and, therefore, they should take over the payments immediately to prevent damage to their own credit record.Cosigners should make certain they know what their obligations are before they sign. A person who has poor credit or no credit record needs a cosigner when they borrow money. A cosigner is a person who accepts the responsibility of repayment of a loan along with the primary borrower. The lender requires a cosigner to increase the chances that it will be repaid. The cosigner is sometimes referred to as the guarantor because they guarantee the full repayment of the loan in the event the borrower defaults. The cosigned loan will appear as a debt on the cosigners credit record.
You are 16 can you get a auto loan with no cosigner?
Chances are unlikely. Unless, you have perfect strong credit and a lot of money
Does it help to have a co signer for an auto loan if you have bad credit?
If you have bed credit, sometimes having a cosigner is the only way you can get an auto loan. The people who lend you the money so you can purchase the car want their money back with interest. If you have bad credit, they may think you will not pay them back. They may think your cosigner does not want his credit ruined and will pay them back. So, while they would not give you an auto loan, they would give you an auto loan with a cosigner who has good credit.
Is the APR of a student loan determined by the credit of the borrower or that of the cosigner?
The cosigner I believe but check with the loan issuers it's in the details.
What are the qualifications of a cosigner?
Normally a cosigner has to be able to pay the loan if the signer does not pay. So the cosigner should have better credit than the person seeking the loan.
Does the APR go down if you have a cosigner for an auto loan?
yes it does, it will go down even more if the co signer has good credit.
If you are a cosigner in someone's loan for a line of credit and he is at default what can the cosigner do to take his name back?
Nothing. The only option for being remove as a cosigner is to have the original loan refinanced without the cosigner participating.
What happens to a cosigner of a car loan when the primary loan holder files bankruptcy and the loan is discharged and they do a voluntary repossession?
They can still come after the cosigner, and it will still reflect poorly on your cosigner's credit history. You have been absolved of the debt, not your cosigner.
If a cosigner on your car loan start getting bad credit from her credit cards should it affect your credit too?
not if you make your payments like you should a cosigner is only called upon if you default on your loan
How do you get a 15000 personal loan with bad credit and no cosigner?
you cant
If you have bad credit will you get approved for a car loan with a cosigner?
Yes.
When does the bank require a cosigner?
The banks want to know that they will get the money that they are owed back. Too many people today fail to pay back loans for a variety of reasons, both honest and dishonest. If you do not have an established, suitable credit history, a bank has no way of knowing if you are a good credit risk (reliable in paying your debts). By having a cosigner with the appropriately established credit history, if you fail to pay the loan, they can make the cosigner pay the loan. That is what the cosigner is singing for, to pay back the loan if you fail to do so. If you loaned money you would want to make sure you got money back, wouldn't you?
Can the primany buyer of an auto loan refinance the auto loan in the cosigner's name only?
No. The cosigner would have to apply for a loan in their name using their credit, income data.
