Hey If i get my mom to co-sign for a loan to get a TC will they look at her credit? instead of my no credit history so i can get lower monthly.

 

yes, they will look at her credit.

 

O COOL means LOW payments like 270

 

why did you want to know? does she have a bad credit record or something?

 

Yea man, They will look at her credit, Hense the term Co-Signer..Cause Ur Credit is Bad or you have none..So they need someone else..

 

but if she co-signs for you and you screw up and miss a payment or something, then she would have to save your ___ for her credit...thats the only reason alot of parents dont wanna co-sign. they dont want to be stuck, when you screw up

 

Yes, but you having no credit will be a factor also....

 

say hello to high interest rate

 

I have no credit history. Toyota is financing me at 14.5% (i know, it's terrible) but my payments are only $305. Not too bad, imo.

 

Need to be careful here. Are you on 5 years financing or more? Longer term and high interest rate means instant up side down for your loans. If you have to go that route, make sure you pay a hefty down payment.

 

I put $6,000 down and am going to pay more than the minimum payment each month. I plan on cutting at least one year off the 5 years.

 

there are two ways to "cosign".

1) cosign. where the primary party (you) apply for a loan with a cosigner (mom) who will back you up in any case you are unable to make payments. This, however, uses YOUR credit score, not the cosigner. it shows up on your credit report that you have an outstanding car loan and on the cosigners credit report it shows up as a cosigning.

2) coborrower. where both parties are taking out the loan together. This is usually used for spouses where the loan will be paid by both parties. It shows up on both credit scores that each party has an outstanding car loan.


Coborrowing isnt always the best thing because if your parents come into an emergency after they coborrow with you and they have to take out another loan for medical bills or whatever, they may or may not be able to do it because of the outstanding credit from the car loan.

FYI.

I just got my cosigned loan last week, so I went over this stuff.

 

i have no credit history and got a loan through my bank at 6.99. Youre getting raped.

 

No credit history and got a loan for 4.85% through my bank.

 

impressive.

 

So what's the name of the bank that you own?

Congrats on the impressive rate with no credit.

 

PNC Bank in pittsburgh. No one else would give me anything on my own, not even Toyota. I got approved for a 17,200 loan at 4.85% with only about 2 months of any real credit, not enough to actually show up on my credit report.

EDIT: Haha I just caught that now...I wish I owned PNC...but then I don't think I would need to finance now would I?

 

Florida Suncoast credit union is my bank...gonna see what they can do for me

 

Damn Scrummy I was in the same situation as you. Only like 2 months of credit. Toyota wouldnt give me a loan so I just got my dad to get in on it with me so I could get his interest rate. If I had known PNC would have approved me I woulda went there, I've already got a bank account with them.

 

PNC does auto refinances. Hit up a bank and ask them about it.