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Europeenne wrote:

hello all!

so, i have a good credit score, but low income roughly 1k a month (hard to work anymore while attending full time classes)

the dealership came back to me saying my income was a little short, and they would like to see 2k a month for financing

would it be better to go with my dad as a co-signer, who has bad credit (500's), but high income

or

a friend who has good credit, but about the same income as me 1k/month

i know my dad cosigning would shoot my APR up

but, would the dealer take into account my friend cosigners income along with my own? 1k+1k = 2k (the requirement)?

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You don't want your friend co-signing....   You really don't want your dad co signing either.   It would be better if your dad co signed, rather than your friend.

co signing is a really bad thing to do.

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Starting Score: 08/29/2011 TU 671 EQ 674
Current Score (myFico + Amex): April 2013 TU 754 EQ 694 EX 694
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why don't you try getting a loan approved FIRST from a credit union, then buying your car. Dealerships can be so very tricky and will make you jump through hoops when you don't have too. IF you can avoid a cosigner then by all means work around it.

started mid 500's. Disputed incorrect items and within a month or two my scores have skyrocketed and continue to do so
EQ: 674 > 689 >695 with my new TLs reporting
TU: 661>780
Experian(or as I call them, the devil) I have no clue, they haven't released my report
Goal=720 across the board--currently searching for the perfect *third* card to maximize my profile and score

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Europeenne wrote:

hello all!

so, i have a good credit score, but low income roughly 1k a month (hard to work anymore while attending full time classes)

the dealership came back to me saying my income was a little short, and they would like to see 2k a month for financing

would it be better to go with my dad as a co-signer, who has bad credit (500's), but high income

or

a friend who has good credit, but about the same income as me 1k/month

i know my dad cosigning would shoot my APR up

but, would the dealer take into account my friend cosigners income along with my own? 1k+1k = 2k (the requirement)?

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Welcome to the forums!

I'm not 100% positive on this but your dad's credit score may not hurt you at all.  With mortgage any joint-application (and presumably co-signed too) takes the lower of the scores; however, on auto loans specifically as has been reported on this forum it's actually reversed: the higher of the scores is used.

Again take that with a grain of salt; in some cases, most notably a student, co-signing isn't a terrible idea.  I agree though with Web family would be best; however, as a caution - absolutely make that car payment, it is never worth throwing away or damaging a relationship over co-signed finances.  Skip the friend route absolutely.

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Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 648, Wally TU 673, EX 687 (06/15/13)
Goal Score: 680 in all three (01/01/14)

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