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Now or Later?

Established Member

Now or Later?

Ok, I've been working on fixing my credit since I neglected it when I turned 18.. I thought it was bad but I guess its not when my friend is in debt $18k... I'm only under $2k.. now I just have one more CA for 1300.. anyways, my score is going up a lil, was from 577 to EQ602 EX606 TU499.. I'm fixing my CR so I can purchase my "first" car under my name.. the past was thru my parents growing up..  I recently got my GF to sign up for SW and her score was at EQ702 and now its at EQ734.. I planned on saving about 10k by Aug. so i can use for a down on a used 2010-2011 E550 sport.. average price is 30k-38k.. 10k down and should only have to finance 20k + fees... but I hate waiting.. I've asked my GF if I could use her as a co-signer if I cant get a good rate by my own.. but would it be possible to finance with her credit and put no down now for 48-72 months.. i rather have the longer term with low payments n decent rate.. cause i kno most months I can pay up to 1k a month with I dont spend much.. my income is around 39k.. hers around 55k.. also her credit is young.. one CC for 1.7years.. thats all.. after signing up for SW, she app'd for a Chase Freedom and CLI her current one.. thats how she bump'd up to 734.. i'm jelly.. lol. but anyways, I would love to get a car now than later.. but just saving till aug feels like forever.. so could i have her co sign and put no down no due at signing(maybe), get a good rate, idc about term, n drive out with the car i want now?

Message 1 of 10
New Contributor

Re: Now or Later?

if they don't approve it with both names it would be much easier getting 0 down and low rates using her name alone.  


Either way, you can always refinance with a credit union like DCU. They are fairly easy to get approved for 20k, 65 months and either 1.9% or in my case at 5.9.  653 auto enhanced equifax fico.

Message 2 of 10
Epic Contributor

Re: Now or Later?

How old are you now since you talked about at 18?

What current loans and credit cards do you have open and what balance?

what is the one Collection for and why not paid?


How long have you been with this GF? (She is willing to co-sign?) what do you and her currently drive?

Message 3 of 10
Established Member

Re: Now or Later?

your 653 makes me feel like I got this.. lol..  0 down, then i would need a loan for the full amount.. around 35k-40k..

Message 4 of 10
Established Member

Re: Now or Later?

27, 28 in aug..

no loans.. just opened a WF secured CC for $300.. zero on bal..

had a few collections.. t-mobile old act, PIF.. Teco gas, PIF.. Washer/Drier rental, PIF.. Credit One Bank CC, PIF(for less).. Wash Mutual CC, PIF(for less)..

now just only one for a previouse Apt complex.. around $1300(in house CA).. Call'd left them my #, but they never call'd back.. maybe i should DV them..?

GF for half a year, but is serious with.. after this car purchase, gonna save up for a down for a house..

She drives a 09 civic, paid.. I officially dont have a personal call anymore.. sold it 2years ago to get in the dealer biz with my friends.. now they wanted to close shop and im just driving the last car i bought at auction.. 92 miata.. still with dealer tag so im not paying insurance, yet.. wont register till april when tag expires..

other than that, i have $955 for rent.. and an income around 3k + tips a month.. ATT bill, Cable.. etc etc.. I've add'd myself to my GF's CC as a AU, but her card is still a secured BofA card(1.7years).. but theys say they dont report for the AU.. but she added me into her recent app for a Chase Freedom card. dont kno yet if they report.. 

Message 5 of 10
Valued Contributor

Re: Now or Later?

Alright, I'll put my @$$hat on,


She would be crazy to co-sign with you. I say that because she is your GF, not your wife and while all the intentions of staying together are probably there, if something were to ever happen and ya'll split up, it would create an awkward situation for the both of you.


Take some advice, clean up your credit report, get your score high enough that you can get approved all by yourself. You'll thank me later.

Scores: about 700 across the board
Total CL: $275k
Message 6 of 10

Re: Now or Later?



I freaked out reading that he is driving without insurance! Smiley Sad

Message 7 of 10
Established Member

Re: Now or Later?

Lol I still use my dealer tag.. tag has a dealer insurance. So basically I can buy a car at auction or craigslist and slap my dealer tag on it n drive..
Message 8 of 10
Established Member

Re: Now or Later?

Madmann, u have a good point.. but u have to know what kind of relationship we have to know how you would feel about having her help..
Message 9 of 10
New Contributor

Re: Now or Later?

You probably don't want to hear this, but at your income level I wouldn't recommend a Mercedes e550.  The maintenance is going to cost a fortune on that.  


Also if you are planning on buying a house soon, I'd try to get a lower priced car to help with DTI so when you are ready to get a house you can afford more house.  After you get the house and you are certain you can afford the E550, maybe consider gtoting one then.  You're better off not even having a car payment if you are going to try and buy a house soon.

Message 10 of 10