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Posted in Auto Loans
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v1n2e7t

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Get a cosigner who is getting a new loan themselves
I am looking into getting a new car(used) I'm trying to get a car loan that costs 1.25 times my salary (before taxes). I have no other payments but only have 5-6 months of credit history because i am only 18. Im trying to get one of my parents to cosign but they just applied for a loan but have not purchased the car yet with that loan. My dad told me he can't have two open loans because it'll really hurt his credit or something like that.

Is is possible for him to cosign even though he has an open loan? How would that effect his credit?

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First, in order to cosign, he would have to show that he can easily afford both loan payments plus all of the other bills that he has. Even if he could show that he could afford all of that, it could put him in a position where he would be unable to get any additional credit from anyone and that is probably what he is talking about. A wise person never wants to max out their ability to get credit as unforseen events always pop up and credit may be needed in the short term future for emergencies.

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You said that you currently do not have any payments, if that is the case, then start saving and maybe by next year you will have enough saved to put a sizeable down payment on a vehicle you want and by then you could have a decent credit profile built and you may not need a cosigner. In the meantime if you really need some wheels, but a beater car to get you by.

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