Question: Will getting a different co-signer for an auto loan help?

(Posted by: Matt on 2010-03-12 14:06:13)

My wife and I purchased a home about 3 months ago. We just moved into the area. We are very comfortably making the payments, we both have decent income, etc. I wanted to finance $15, 000 for a truck that I am interested in. I was the primary and my wife was the co- signer/ spouse on the loan. We were declined at many places for 2 reasons: 1) The new, large, and recent mortgage we took out 2) we have not been at our jobs for longer than 2 years. Our credit scores are both above 720. I mean it really is embarrassing that I can't get approved for the loan. If I were able to get someone else to co- sign the loan with me, is there any chance I would be approved? Do they really factor in the cosigner's credit, job history, and income as much as the primary signer? Do I have any other options of trying to buy this truck? I really do need it for my contracting business.

Posted by: Tony on 2010-03-13, 01:31:48

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Posted by: Uncle Bo on 2010-03-12, 14:15:06

Yes, a good cosigner will help with an approval. Yes, cosigners play a big role in credit approvals. Yes, all that stuff is factored in, just like they factored it in for you. Yes, find a cheaper truck and pay cash. Do you really need a $15000 truck? A $10,000 one will not work for you? Without seeing your app, the problem is probably your debt to earnings ratio. Honestly, a new mortgage should not affect you too bad; mortgages are "good " debt and if you can get approved for one, you can get approved for a car loan. All the new stuff going on with you is sending red flags to the banks. Come up with more cash as a down payment, plus find a cheaper truck. This will reduce the risk to the bank and they will probably approve you.

Posted by: mustanger on 2010-03-12, 14:18:08

Yes, the co-signer can make a lot of difference. With you and your wife they really only have one source in the event of a default. With an outside co-signer they would have a second source to collect on the loan from so would be more favorable towards approval.

Posted by: you can't handle the truth on 2010-03-12, 14:26:21

Sounds like the bank is protecting you from yourself. Save up some money or get somethign cheaper.

Posted by: N on 2010-03-12, 14:51:17

Both are valid reasons to be turned down for a loan. Yes, a strong cosigner with good credit, good income, good time on job and low debt to income will help your chances a great deal. But, more than anything, you should take the hint and realize that the $15k truck, on top of your new home might be too much for you. What if one of you were to get laid off ? The bank loses money on the truck repo ! And you have NOTHING to be embarrased about. Dealers & lenders deal with folks with LOTS worse credit than yours every day !

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Yes there are bad credit auto loans online for people with a poor credit history and low FICO scores who need transportation, and need a fresh start in repairing their credit. Although it may seem hopeless if you have blemishes on your credit there is a solution. First you will want to get rate quotes from various sources this is very important, you should shop around to find the best deal. However, keep in mind that there are different factors at play with each lender, as to whether or not you get a loan and if so at what interest rate. You can get approved for a auto loan. worldbestloans.com/ But lets be clear, obviously you are not going to get the preferred interest rate on a car loan that a person with A+ credit will receive. However with a little research, especially online, you can find the best auto rate quote that meets your circumstances. Most people just dive head first into the auto financing process when buying a car, giving no thought to how the auto loan interest rate affects the overall cost of the vehicle or monthly payment. With no plan of action or alternative financing source, this results in them receiving high interest rates and high processing fees which lead to high monthly payments.

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