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Posted in Auto Loans
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Question By
Aleah913

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Getting a car with a cosigner who's credit is 530
I do not have any credit, I am going to a buy here pay here for a used car, in order to get any car on the lot I must have a cosigner the cosigner I have has a credit score of 530 does anyone think I will be able to get a car with that low of a score??

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Top Contributor
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When someone cosigns a loan, they are guaranteeing that the original borrower (whose credit is bad or non-existent) will make all payments on time or else the cosignor willk take over the payments. You think for yourself how likely it would be for a loan to be granted given the information you have presented.

If you determined 'not likely' is the answer, you are right.  Or else the interest rate would be astronomically high if a loan were granted.

Reply by
Aleah913

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Thank you, and so initially the cosigner credit wouldn't have anything to do with it? If so would their income affect it or only mine? Sorry, I'm new to all of this and you're the first person to actually explain anything

Top Contributor
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The cosigner's credit and income are just as important as yours. The lender will not reduce requirements for a cosigner, the cosigner must have qualifying credit and an income that can cover the loan without any problem if you fail to make your payments. I really would not count on this going through.

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