NFCU

[jeremyd82]

I applied for a used auto loan 72 months on 23k with a strong co signer when I check the status of the loan she said it was still under review and would probably be 16% and my cosign when he applied on his own get 2,9% for his truck, I asked the lady will wont the co-signer help my rate and she said no it does not? I dont think that is accurate right? I mean they have not came back with the actual APR but is she right in saying his good file will not effect my interest rate?

[sccredit]

If the co-signer won't help I would ask her about financing it on your own

[Dustink]

That would defeat the purpose of a co-signer. I think the person you are talking with was incorrect and underwriting actually knows the truth. If it was a dealer telling you that, they just want to mark up your rate.

In any case, a 72 month loan is a bad move. Such a long loan term will cause a large amount of negative equity unless you are putting a lot down.

[webhopper]

Nfcu bases the rate off of the primary applicants credit, so if you wanted the co signers credit to help you, he should have been the primary on the loan with you as the co signer

[webhopper]

I asked about this when I applied for a new car loan last year... I didn't want to get dinged on rate by having DH co sign since he has worse credit but nfcu told me that the rate won't be affected at all by the co signer