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Posted in Auto Loans
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tb80

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My credit is low, his is high. Should he consign an auto loan or be the sole borrower?
I have lower credit and his is much higher. We need to get a used auto loan for a fairly high amount. We were approved with him as a consigned for me at 7.4%. Would it lower our interest rate if we take me off and let him get the loan in his name only? He has always been the sole person on all our vehicle loans and the interest has been much lower. Our last vehicle purchas in 2016 was only 2.9% with his as the sole borrower. Will dropping me lower ge interest rate since I have a lower credit score?

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Top Contributor
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The primary borrower will determine

the interest rate. 

Interest rates have gone up since last year, but not that much.

I would suggest that you see what you pre-qualify for on a "joint" loan with him as the primary borrower, using his score to secure the interst rate and you as the secondary.  Approaching it with him as a co-signer, makes it appear as if he is only trying to help you improve your credit much like a parent or friend would do. 

If you are in a permanent relationship then you should be able to get a joint loan together.

Good luck

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