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Posted in Auto Loans
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Sellsrocks

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Can I get a $32,000 auto loan by myself or do I need a Co-Signer? With a 680 Credit Score
My Truck has broken down recently and I'm looking at getting a Used car that is pretty much brand new (5k miles). I have a 680 credit score, no late payments, but my credit only goes back about 11 months. I make $50k a year and was wondering if a Co-Signer was needed to get the $32,000 Loan.

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Auto lenders will use FICO scores not the scores you get here. So you should purchase them somewhere to know where you truly stand. I would say that your income is good as long as your "debt to income" is good, you should be fine there as long as you have been at your job for some time. The information on your credit reports is just as important as scores, so that will be a huge factor as well. Previous auto loan history will be important. The value of the auto to be financed will be important. Amount of down payment will be important, you should be prepared to put at least four thousand down. I have no idea what the banks will tell you, if you can't get the loan without a cosigner I wouldn't do it. Asking someone to cosign is a huge deal and most people will wisely be reluctant to do it, because even if you are a complete trustworthy person it will count against their "debt to income ratio" and can make them ineligible for any loans that they may need during the life of the loan to be cosigned and at thirty some thousand dollars that may be a while.

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