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Can't get approved for auto loan even with a co-signer? What to do?
I have been denied through two credit unions for an autoloan. It's true my credit is not in the best place it should be right now hence why I got a cosigner, of near perfect credit, and the cosigner makes between 90k and 100k a year, but the reasons for denial keep falling back on me.

I had two thing sin collection (silly things I should note) they've been paid off however they said it would take a few weeks to a month for it to get removed. I also some issues with past due payments but I have long since paid off or established payments with the debtors. So yes, I have had some issues mostly due to circumstance.

But is this not why you get a cosigner? When you've had these troubles and you need someone to vouch in the event that i default on the loan?

Both of these instances have been through local credit unions. Initially the first one was willing to overlook those pass issues witha cosigner however they denied me on the basis that my rent was $963 however it's split between 3 people, and I of course explained this and was told it shouldn't be an issue. They refused to take that into consideration so they said my cost of living to debt was too high! I was smart the second time and adamantly said my rent was a square $300 a month. But was denied for the issues on my credit report (the issue the first lender was willing to overlook).

I'm not really sure what to do. My dad says to start looking into used car dealers since many will have multiple lenders they can go through, while I'm not opposed to that I have a maximum I am willing to spend. He's willing to cosign within reason. Ideally I want a loan through a bank for buying and the flexibility to buy through private or dealer.

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What to do

Helpful to 5 out of 9 people

The best thing would be to address the issues witha credit professional, improve your overall credit profile, and get out of that credit prison.  Even if you find a lender who will provide the loan, you'll be paying an outrageous penalty for bad credit Who wants a loan on a car if it's going to cost you 18-23%??

Most crediible credit professionals provide a complimentary review of your credit to help you determine the best route to an improved credit score.  Getting out of that credit prison would be far better for you in the long term.

Let me know if you need assistance,


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