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Posted in Auto Loans
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Question By
FreddyMercury

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If I get a auto loan but have a co sighner, will that still help improve my credit?
Im looking to buy a car but the loan I qualify for is at a 17 plus apr, if my parents co sign the apr drops significantly. I want to improve my credit but really don't want to pay that high of an apr. By having my parents co sign will that still help improve my credit?

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Cosigning

Your parents' cosigning the loan won't directly help improve your score - the purpose of the cosign is it lets the lenders know there's another party with a better score that can also be held liable for your loan (they can chase your parents if you don't pay up).

Having a lower APR though will help keep your balance/payments lower and easier to pay so you won't have any default payments.

17% seems extremely high.

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