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@Anonymous wrote:
- Hi I have been hoping to get a new car $16,000. This will be the first time I ever go into a dealership to buy one. That being said I have around the low 700's across my credit scores however I make 19,000 a year gross. So I was wondering if I could get a cosigner that makes more then me to help me get a larger loan(preaproved for 3500), the catch is they have bad credit? Any help would be greatly appreciated.
A co-signer is supposed to reduce the risk the lender takes on by issuing you a loan. With the co-signer you propose, they have proven that they are not reliable. That is what "bad credit" means from a lender POV. A co-signer is meant to pay for the loan if you fail to pay. This particular co-signer you have in mind has a history of non-payment so I am sure the lender won't accept them as your co-signer.
Having said the above though, it sounds like your issue is not a co-signer issue, but a DTI issue. In other words, your income and current debt load only allows for a $3500 loan. What are the terms of this loan? Is it through a CU, bank or dealership? You might be better off just going to a different lender with different guidelines.
I think you should to get a 65 month loan from dcu.
Why do you want to purchase a car which exceeds your DTI? Even if you able to get approved, you may be setting yourself up for trouble.
Do you have other debt you could pay down first? Perhaps a less expensive vehicle is a better option while you work on the DTI?
JMHO
K