Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
CamaGirl2855

0 Contributions
0 People Helped
How do I determine which co-sign to use?
I am wanting to purchase a new car, the loan I am aiming for is between $40,000-$45,000 but my credit score is not high at all, being a 570. My dad said he'd co-sign for me, but my aunt said she would also if my dad's score doesn't work out. My dad has a long history of work and credit, sufficient income, and his score is at 685. My aunt's credit score is at a 730, but with minimal credit history and work history but sufficient income. Should I try with my dad as my co-signer first or use my aunt initially?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7347 Contributions
3806 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

You want a brand new car?  How about saving both yourself and a cosigner lots of money and buying a car that is one to two years old?  With your low credit score, this will work better for everyone concerned.  I read a book by the late Charles Givens (a multi-millionaire BTW) and this is what HE did.  It is smart because someone else paid off the high depreciation (market value of a vehicle drops drastically in the first year) and you would still have a nice vehicle that would serve you for at least 10 years. 

Top Contributor
3051 Contributions
2786 People Helped

Honestly, with your credit as it is, you really think you need to buy a 45K car???  Seriously!?!?!  No wonder your credit is lousy, you are living beyond your means.  Shame on you for expecting your family to go on the hook for this loan.  If you miss one payment, their credit gets hurt.  If you default on the loan, their credit gets trashed.  I honestly hope neither one does co-sign for you, because they are asking for trouble.  You need to learn to live with what you can afford and pay your own way.  Get a cheap used car that you can afford on your own and learn the difference between WANTS and NEEDS.  Bless your family for being so generous.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.