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First time car buyer

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First time car buyer

I have a question, So i was a cosigner on my wifes car for 9 months until she traded it (may 2018 , February 2019 25%APR traded it in due to it being to high and i didnt have any previous auto loan, she had a repo being a cosigner on a previous loan, had to start somewhere ) I cosign on her new car loan to help me build my auto score, on November of last year i got my own auto loan (Dodge charger and i just sold it i had it for 8 months 4.75%APR Sold it because i dont need a second car anymore) my plan is to trade in my wifes car in December and lease/finance a new Jeep current auto score are - eq 624 tu 629 ex 638. No late payments , my question is am i still considered a FIRST TIME BUYER? What should i expect, credit score should go down a lil after it reports paid, but hoping on getting a good bump by December



Starting score 06/29/2019

July score

Current score[08/12/19]-

2 REPLIES 2
Established Member

Re: First time car buyer

No, you wouldn't be considered a first-time car buyer, since you have previously taken out two auto loans and you bought the Dodge Charger on your own.

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Re: First time car buyer

No, you definitely won’t be considered a first-timer. They would look at even the cosign. But that doesn’t matter because you had a loan in your name anyway. 

As for what rate to expect, it’s hard to say without knowing what your score/credit will look like at the time. But you got yourself a 4.75 once, which is decent. So I wouldn’t expect anything too high. 

 

Enjoy that new Jeep! I saw a Gladiator yesterday and thought it was pretty cool! Is it a truck? Is it a Jeep? Who knows but it looks good. 

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