Getting my co-signer pre-approved for auto loan

[Haleybrook]

I'm getting ready to buy a 2013 used car with low milage.  I have about $4000.00 - $5,000.00 for a down payment.  I expect to pay around $14,000.-15,000.00 for the car. (Elantra)

I know that I am subprime and haven't even checked on financing, because I am sure I will be declined or get a very high rate of interest. (517) I'm working on building, but its going to take time and I need the car now. Mine was totaled.  My father has volunteered to co-sign for me.  He has recently checked his credit and it is over 800. I think he would get a good interest rate. Is that how it works?  Can they use his credit score to get me a better interest rate? 

I have read that I should have other credit available before  I talk to the dealership about financing with them, but how to go about that?  Do I give them my dad's information on the phone AND mine to get approved? 

Thanks for any tips.

[09Lexie]

Welcome to the forum.  With your Dads score most likely the banks will want to deal with him as the primary.  Do you belong to a CU?

[Haleybrook]

No, but, I have discovered that I do qualify to start a savings account with my local credit union, however, I don't have time to wait for all that to go through and I don't want it to bring my score down if they check my credit to open the account.  Plus, my dad can't deal with them.  It's a long story.  And, they may allow me open a savings account, but I'm not sure about them giving me an auto loan on my own credit.

I do have two bank accounts with two different banks that I have dealt with on my personal account for many years.  One since the 1970's.  I just haven't asked them about an auto loan due to my low score. I see no reason they would give me one.  I have no worthelss check issues, but still.  I thought a place that specializes in auto loans might work best.

I have inquired with Farm Bureau Bank, as my dad and I have been members with our state Farm Bureau for many years.  My dad has been a member there and had all his insurance there since the 1960's.  I'm not sure if that will work.

I just want to make sure I do everything in advance since I read not to walk into a dealership and see what they can do for me.  I've also read about Auto Loan Scores. but since I can't get that in advance, I'll just wait and see if the dealership can get me a better rate.

I read on this site of someone who got financing with 500 at 19% interest. I'll have to take that if it's the best I can do.