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Car Loan Situation!

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New Visitor

Car Loan Situation!

So I am an 18 year old with no credit, that makes $45,000 a year and my question is I am asking my co-signer with a score of 720 to co-sign for a $33,000 car loan, what are my chances of getting approved since I still live w my parents and have nothing under my name?

Also, if that co-signer signs for the loan, are they able to get their own personal car loan a few months after, even if they don’t have any loans under their names except a co-signed car with someone who had co-signed for them 2 years prior? ($12,000 debt)

Just need some perspective on this situation, thank you!
Message 1 of 8
Valued Contributor

Re: Car Loan Situation!

First thing, having a co signer is almost always a bad idea. It would be better for both of you if you got a car you could get approved for (likely a cheaper car) since you aren’t on your own yet. JMO take it or leave it since I know that’s not your question.
Secondly because a consigner signing for your car basically takes that debt and puts it on his or her own credit report as well as yours then it depends on his or her own Dti ratio on whether another car can be qualified for.
If for any reason you aren’t able to pay the car payment at any time your co-signer will take the hit on their credit as well as yours. I know you intend to pay it but what if you lose your job or any other thing happens? The other party’s credit can become very damaged. That’s why I always caution against co sign situations.
Good luck with whatever you decide!😁
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Message 2 of 8
Community Leader
Super Contributor

Re: Car Loan questions!

Wait, so you want someone that's already co-signed on a loan, to co-sign with you and they may want to get their own loan later?


Co-signing a loan is no different than taking the loan on themselves. It won't matter that you're paying the loan, it will still affect their debt to income ratio. Unless their income along with the income from their co-signers can support more than 1 loan, they won't be able to get another. 

Message 3 of 8

Re: Car Loan questions!

Hi @VongsayW, I've merged your two identical threads.  Please avoid cross posting in the future; it's confusing to follow and is against the guidelines here.



Message 4 of 8
Frequent Contributor

Re: Car Loan Situation!

You won't like this advice but it's the advice I wish someone drilled into my head when I was your age instead of the stupid things I have done.


Why do you need to take on a $600+ car payment?

Why do you need such a nice car?

Have you taken the $600 plus and put in bank for 3-6 months to make 100% sure you are comfortable with the car payment?


it's also a little unfair to burdeon someone with the obligation of co-signing for you.  Should you make even 1 late payment it will affect their credit score and yes it will absolutely count no different than if the loan was in their name alone and could limit their ability to takeout another car loan.


Cars are cool, when I was 19 I traded in my 1985 Mustang GT that I owned free and clear and financed a new 1987 Mustang GT biggest mistake of my life and set me down a viscous cycle of new car after new car.  


I could have bought a condo at 21 and upgraded and upgrade and have a really nice house now.


Do you need a car - maybe, probably.

Do you need a 33K car - highly unlikely.

Do you want a 33K car - definitely.


Finance what you can afford without a co-signer.  There is nothing wrong with an 18 year old driving a $10K used Honda or for that matter a $5K used Honda.

Message 5 of 8
New Visitor

Re: Car Loan Situation!

Thank you! Message received! I am now considering all my options, and I do agree with it being more of a want than a need.
Message 6 of 8
New Visitor

Re: Car Loan questions!

Sorry I’m new!
Message 7 of 8
Frequent Contributor

Re: Car Loan questions!

No need to apologize.

We are here to help and hopefully you can learn from our past mistakes.







Message 8 of 8
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