Will cosigning on a loan affect being able to finance a new car?

Answers:1   |   LastUpdateAt:2012-08-24 17:40:03  

Question
Nipps
Asked at 2012-08-18 19:12:05
I am a college student and am looking to buy a used car.

The car is $ 10,000 and it is a private seller. I will be receiving about $ 3,000 of my current car , so I'll be able to put about $ 3,000 down on the car.

I have not negotiated the price of the car, however, you need a loan for $ 5000 - $ 7000.

I ask my mom to cosign for me , but she does not dare ... not because they trust me and do not want the responsibility (already calculated how much I can pay monthly and all).

She is worried because she is paying the mortgage on the house yet, and she will need to finance a new car within a year or so.
Concerned that, due to co-sign on my loan , will not be able to get a loan or a good price when applied to finance your new car.

How can co-sign on my car affect its financing a new car?

She has excellent credit, and we are both very responsible when it comes to pay back, etc.

The reason why I need you to cosign is because I have no credit yet.
Answer1MoketeAnswered at 2012-08-24 17:40:03
Will come to your debt to credit ratio . If you think is too high due to the co - signature, then your interest rate will be higher .
Related Questions
1
  • Answer This Question:Will cosigning on a loan affect being able to finance a new car?