Three years ago, and wow I can't believe it's been that long, I wanted/needed a car. My current one was dying, and since I had what I considered to be my first real post college job with a good salary, 36K gross a year, I wanted a brand new vehicle. I don't know what my credit score was, but I do know I had a high util percentage on my credit cards, a job/career change within the past 4 months, and was only 25.
My answer, my Dad cosigned. With his good credit I got my car for only 5.24% interest, which is certainly not as good as the 0% offers out there, but I bought a Subaru and they weren't making the offer on that brand. But that interest rate was still good.
The thing is, my Dad only cosigned for me because he knew that if I were to lose my job I would stop buying food to pay for that car, because I would never, ever ruin his credit. Course I know he never would have cosigned for my brother.
Edited to add: We got an original higher interest rate through the dealershop and then got the lower interest rate from our insurance company, State Farm Bank. They tried me solo on the loan and I was not approved due to my debt and lack of time at work. Then the did it with Dad as the cosigner, removed him from the title, and it went through.
Message Edited by woopah on 10-22-2008 12:12 PM
