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Posted in Auto Loans
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tjgregoire1987

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why cant i get approved
ok I know why I alone cant get approved I have a 550 score but my mom who is cosigning has a 760 only utilizing 25% of available credit and even with both our incomes hers being $25000 and mine being 23000 a year I cant get approved for a $13000 car with $300 and $2000 car trade in what the heck

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Have you tried more than one lender? Just because one lender will not do this does not mean that all lenders will not do this. Really though you will have trouble with a 550 score for that much financing no matter how good your cosigner's credit is. There are most likely consumer finance companies and bad credit auto lenders that may go for this but the interest rate would be terrible causing an incredible amount of repayment. If it is possible it would probably be best to try to get a secured credit card to build up your credit and wait till you get your score a little higher before trying to buy a car. In the meantime do some research on lenders or call lenders and ask them about your dilemma.

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