01-30-2013 05:39 AM - edited 01-30-2013 07:31 AM
My current score is on the 630-640 range and would like to explore a new auto loan. My mother has a score on the 740's. Anybody with a prior experience on getting a joint loan? Does this kind of loan gets reported on my credit report ?
I am hoping to be able to do it this way, so i can save on interest and give my scores a bump, as well as establishing a good payment record.
My plan is to hold this loan for 1 year, then get the auto note refinanced under my name.
01-31-2013 11:58 AM
02-04-2013 03:17 PM - edited 02-04-2013 03:18 PM
Yes it will report on both of your credit reports, assuming the finance company does report to the bureaus in the first place. Sounds like you have a good scenario with your mother cosigning. I would take advantage of the low interest for the first year and send extra money and get into an equity situation. But if you have high credit card debt ultilization I would send the extra money there instead of towards the auto loan.
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