Today I was somewhat approved for a car loan $13,.000. Note I have good credit (700, 5.9 interest,never missed a credit card payment) but my salary isn't great. The dealership told me that because my credit history isn't long enough, I just need a cosigner, then I can go home tomorrow with the car. ......Sounds simple. But my cosigner doesn't have good credit but earns a very high salary and has a good history of paying her car off every month for 3 yrs. I'm a nursing student who lives with the (parent) cosigner and I have no bills except a 50dollar monthly phone bill.
Will the Leander still except my cosigner
I have heard of that option and will call my local credit union first thing. I'm also considering putting a larger down payment on this car, like $1,500. Maybe that'll help
Years of building good credit and I still need a cosigner for a used car ...... Mind boggling
Are you still at home with your parents? It can affect your approval if you are still at home (no rent payments or other installment loan history).
This is where CU's are much better than dealerships. The dealership shops your loan to see where they get paid the highest commission for originating the loan. They tack on a higher interest rate to generate that higher commission. If you have an approval from a CU, then they either get you a competitive rate to match or beat the CU rate - or they lose the financing part of the deal. Dealerships make a large portion of their profit through the financing end of the deal.
Putting down an extra $1500 is a good start. Financing in your TT and fees isn't a good idea anyway. What %'tage is your total down payment? (Also, the zero down deals are not as good as they sound. They build in the interest into the price so you end up paying more for the vehicle.)