Question


Nerdy

High Risk Credit+ Cosigner = Car Loan?

I am 24 years old, with a high risk credit score. My ex husband ran up a bunch of bills in my name...and i couldn't pay them all off. I dropped that loser...but now I have a problem. My van had an electrical fire Sat night and i need a new car. I found one for $7000.00 dollars. Is there any way I could get a loan with a cosigner for that much money? I have several people who are backing me up on this. Thanks for your help :) I make almost $10.00 an hour and wouldn't have any problem making 200 dollar car payments. So it wouldn't be a problem...and I really want this car. In actuality is costs 6995.00 i just rounded up. heh

3 years ago - 3 answers

Best Answer

Chosen by Asker

Car loans all depend on a number of factors. One, the value of the car. The worse your credit the lower the percentage of the value a lending institution can give you. Second, does your cosigner make more money than you do? If so, then they are considered the primary borrower and their credit score will be used. Third, $7,000 is a lot of money. Of course the higher amount of the loan the riskier it is. You may want to consider a cheaper vehicle. Also remember, if you can't get a loan from a traditional bank, try a financial lender such as Wells Fargo Financial, Beneficial, or Citi Financial. Their rates are higher, but more often than not they are able to lend to the lower end of the credit score spectrum.

by frosttee05

3 years ago

Asker's Rating: 

Other Answers

Yes, you probably can get one with a co-signer. They are actually the one responsible for the loan in most cases, so make sure you make your payments and that you are also listed on the loan, to establish good credit. As far as your ex's bills go, you could make payments to pay off the debt, and that will help you a lot.

by karenhar- 3 years ago

why not file for divorce and get him to help pay the bills down or even file bankruptcy and be done with all the bills still cars can be bought for 2000 or less with no loan I get them all the time from car auctions www ...

by Terrence B Knows- 3 years ago

With bad credit, a cosigner will not guarantee approval for a loan. It may be possible if you have a good relationship with your local bank (sometimes they are willing to go out on a limb for loyal customers). Some car dealers have programs to finance everyone, just don't expect a super-low rate. Good luck.

by Common Sense- 3 years ago