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Remove cosigned loan before a new purchase for me?

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Remove cosigned loan before a new purchase for me?

Hi all

I have my own auto loan, along with one I cosigned for with my girlfriend about 2 years ago. Everything is going great with her loan BTW, all payments have been made by her not me.

Currently have

Mortgage, 1k

My auto: $350

Cosigned loan $270

CC balance 2k (not revolving) avail credit 35k

Credit score should be right around 750. 

Income=$50k

 

I want to get a new car, loan would be around $30k-two questions

Is this doable?

Will I qualify for the loan with the additional loan I have cosigned for? Can I provide proof from her bank statements she is paying it all herself?

 

Her credit is improved and would qualify for her own loan now, but she will be ready to get a new car in about 6 months herself, so I really would rather avoid having her go to refinance it for such a short time. 

 

Thanks!

Message 1 of 5
4 REPLIES 4
Valued Contributor

Re: Remove cosigned loan before a new purchase for me?

I would think you'd be OK

Ch 7 Discharge 3/12/2018
Cap One QS1 $3,500, Wayfair $5,000, Blaze MC $3,000, Kohls $1,000
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Message 2 of 5
Established Contributor

Re: Remove cosigned loan before a new purchase for me?

I was going the other way on this and thinking DTI would be too high. Adding up payments, including the new car, and it comes out high. Are you trading in your current car or would this be an additional loan besides the one shown above? If you will lose the current auto loan and replace it, it looks within bounds.
Message 3 of 5
Epic Contributor

Re: Remove cosigned loan before a new purchase for me?

if you are buying new it won't be an issue at all just finance it through the manufacture and probably get 0% or whatever but the payment is going to be quite a bit more than you currently pay.

Message 4 of 5
Frequent Contributor

Re: Remove cosigned loan before a new purchase for me?

I am trading in my car with this purchase. I am purchasing a used car, but given the year etc I hope to be able to stay around 3% apr, I have been able to do this, lower actually even on used financing through Penfed. 

Message 5 of 5
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