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.
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.