My credit score is fair (low 600) my cosigner's credit score is 850+ will I get approved?

2016-09-24 1:21 pm
I would be Finiancing a 20000$ car for 82 months. I have a part time job my cosigner has a full time. My parents will be paying for my insurance so all I'm paying for is the car until I'm done college and get a full time job. So my question is will I get approved with a 500$ deposit? Or will they ask for a bigger deposit?

回答 (3)

2016-09-24 2:21 pm
✔ 最佳答案
82 months is almost 7 years, which is ridiculous (you do understand that even if you sell the car you're still on the hook to pay it off...or if the car breaks down). I wrote a white paper 4 years ago on how the auto industry is making the same mistakes that the housing industry made 8 years ago (making questionable loans to people with bad credit and completely screwing people over with long-term loans at high interest rates).

Without knowing who you're going through for financing it's hard to say. If the interest rate is more than 6%, walk away. If it's 10% or more, run away. Ask them what is the APR (interest rate) on the financing. You're getting screwed over by a loan that, statistically speaking, will cause harm to your credit and you'll end up paying far more for that car than it's actually worth.
2016-09-24 3:09 pm
You're financing a cheap car for 7 years???? Are you crazy?
2016-09-24 10:42 pm
probably not approved
2016-09-25 12:56 am
82 months is insane. Your cosigners income and other debts might come into play but your income is a big problem.
2016-09-24 1:25 pm
Most car dealerships start at $1500 for a minimum deposit.


收錄日期: 2021-04-21 22:00:28
原文連結 [永久失效]:
https://hk.answers.yahoo.com/question/index?qid=20160924052123AA6QR24

檢視 Wayback Machine 備份