Should I find a co-signer?

[Noctilum]

I'm at the crossroads with my current vehicle and am debating if I should sink even more money into repairs or just get a new vehicle.

On paper, I can comfortably afford a new vehicle.  I literally have $700 a month that I don't do anything with.  The problem is my debt to income ratio.  I am divorced and have a mortage from my marriage that I can't get removed from.  That is the ONLY debt I have but it puts me at 37% debt to income ratio. 

So I am wondering, before I even try and apply for an auto loan, should I just find someone to co-sign with?  My last credit pulls from FICO were 799 and 782 during April.

[Elated]

Corvidae, IMO you don't need a co-signer. You have excellent scores and should be able to obtain financing for a vehicle on your own with prime rates.

Personally, I wouldn't sink any more money into a vehicle that is constantly needing repairs...sometimes you just have to know when to say when.

I wish you luck!

[Noctilum]

Yeah, one would think.  But I keep hearing stories of people with 750+ credit scores and no baddies getting turned down simply due to debt to income ratio.

[Elated]

I don't think that would be the issue in your case. I have seen people with 65% to70% income to debt ratios get approved for vehicles, with no questions asked. Also, the fact that you have a relatively low income to debt ratio, and only a mortgage showing on your credit, makes you more of a viable candidate for lenders.

I would just go try for a vehicle that you really want, and see what the dealer/bank tells you...GO FOR IT!

Good Luck!