Questions about cosigning....

[kbl7td]

To make a long story short, I'll have a job as an ICU nurse here in 6 weeks, income will be approx. $3300 before taxes. My credit file has a CO on it that I just settled, so unless I get this somehow off my credit, it will be cruddy. 

Looking to get about a 21k loan, obviously looking for the lowest rate and payments, even though I will pay it off much earlier. 

I bank at BoA and they are offereing 2.56% at 60 months. My parent is willing to cosign. What is the best way to go about this? Should they be first on the loan and then me? If she has great scores, is that going to help me get a lower rate?

I really don't want to finance at a crappy 10% rate, in 7 payments at %10, I'd almost have paid as much interest as I would in the entire loan with a 2.56% rate. 

[coreyb80]

The primary person on the loan will get the best rate.  So if your parents credit is better than  yours and they go on the loan as primary they will have a better rate than you would if you were the primary.  2.56% is a pretty good rate that BoA is offering.  Blessings on the journey to a new vehicle.

[dabrian]

Be aware that if you miss payments not only is your credit effected but also your parents.