topic Re: Will a cosigner help? in Auto Loans

Will a cosigner help?

WildestDreams — Sun, 30 Oct 2022 22:31:59 GMT

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Re: Will a cosigner help?

CYBERSAM — Thu, 22 Sep 2022 00:15:25 GMT

@WildestDreams wrote:
I asked in the bankruptcy forum but maybe over here yall have more insights?

I will need an auto loan fresh off bankruptcy discharge (chapter 7), current scores are mid 600's (TU is actually 700), DTI under 20%, My understanding is with the fresh discharge I probably will not get approved or will have a 20+% rate. Will a cosigner help the rate? if so is there recommended banks to try to get pre approvals from?

Cosigner has 800+ scores, low DTI, no current auto loans

I will have a 5K (maybe 6k) downpayment - looking at cars around 30k

Thanks for any insights

**Cosigner volunteered, we know the risks, not asking if its a good idea or not just if having a cosigner will help me and the idea is for me to refinance as soon as I can get a decent rate (1 year ish)

For sure! Specially if the cosigner can prove income if needed! You'll be just a secondary signer.

Re: Will a cosigner help?

WildestDreams — Sun, 30 Oct 2022 22:32:14 GMT

Re: Will a cosigner help?

CYBERSAM — Thu, 22 Sep 2022 16:04:43 GMT

@WildestDreams wrote:
Thanks. cosigner can prove income (I can as well) do you know if the first name effects things like title/registration?

Bank would own the title till it is paid! However you can register the car under your name including the insurance. No issues there.

Re: Will a cosigner help?

WildestDreams — Sun, 30 Oct 2022 22:32:32 GMT

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