Co-signer question

tigerfaithtigerfaith Member Posts: 1
edited January 2018 in General
my credit score sucks, got approved without a co-signer and they want money down and high payments. I insisted on using a co signer and they told me that a co signer wouldn’t help because she doesn’t live with me? Is this bull crap? She has 800+ credit score and no debt! Mine low 600. I want better interest rate and lower payments. Definitely don’t want to put anything down. So is it true ? Wouldn’t a co signer be the best option for me? 

Answers

  • kyfdxkyfdx Moderator Posts: 197,924

    my credit score sucks, got approved without a co-signer and they want money down and high payments. I insisted on using a co signer and they told me that a co signer wouldn’t help because she doesn’t live with me? Is this bull crap? She has 800+ credit score and no debt! Mine low 600. I want better interest rate and lower payments. Definitely don’t want to put anything down. So is it true ? Wouldn’t a co signer be the best option for me? 

    Every bank has their own rules.

    Proximity and relation make a big difference in the ability of the co-signer to keep the loan applicant current. The bank doesn't want to have to come after the co-signer for the money, so if they do, they'd rather that the car reside at the same house, etc, etc..

    You might have to pick a different make/model from a dealer that uses another bank that will allow your co-signer.

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