Car financing with cosigner...can we do this?

  • Thread starter Thread starter lambert.misty
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lambert.misty

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My fiance and I are looking to buy a Mazda CX-7 next month because we are expecting a son in August & I need a larger car. We saw that that a nice one is 24k.

Problem: he has excellent credit. Owns a house, a truck he bought a year ago, pays all of his bills on time. The only good credit I have are my student loans which are in good standing. Everything else (not in good standing with some very OLD mistakes...none major) puts me in the fair credit category. Together we make a combined 68,291.

He wants to cosign on the car with me so we can get a good interest rate. Which is great. But I am scared that we will get turned down bc my credit is horrible.

What do car financing companies look @ when financing with a cosigner? Do you think this is something that we can do, even with all the "good" debt he has? Do they look @ what your profession is & how long you have been employed? We have both held major professions for 2.5 yrs. each.
 
with his being like that, and yours is fair, I wouldn't see a problem with getting approved for the loan. and they only usually ask for a cosigner if your credit is bad or limited, so it's possible he can get it on his own, and with his good credit rating, the interest rate might be lower than you think
 
You probably don't even need a cosigner, even with crappy credit. Two years ago, I bought a year-old car from a large dealership and did NOT need a co-signer. My credit's terrible, too. I had a decent trade-in, but gave NOTHING down.

The interest rate was high at the time, but I just refinanced the remaining balance in March and got a much lower rate, so my payment went down, too.

Most dealerships use several sources for financing and there is always at least ONE that will take people with low credit scores.
 
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