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Will a cosigner help?

Hoffy08
New Member

Will a cosigner help?

I asked in the bankruptcy forum but maybe over here yall have more insights?

 

I will need an auto loan fresh off bankruptcy discharge (chapter 7), current scores are mid 600's (TU is actually 700), DTI under 20%, My understanding is with the fresh discharge I probably will not get approved or will have a 20+% rate. Will a cosigner help the rate? if so is there recommended banks to try to get pre approvals from?

 

Cosigner has 800+ scores, low DTI, no current auto loans

 

I will have a 5K (maybe 6k) downpayment - looking at cars around 30k

 

Thanks for any insights

 

**Cosigner volunteered, we know the risks, not asking if its a good idea or not just if having a cosigner will help me and the idea is for me to refinance as soon as I can get a decent rate (1 year ish)

 

 

 

341 - Sep 2022
4 REPLIES 4
CYBERSAM
Valued Contributor

Re: Will a cosigner help?


@Hoffy08 wrote:

I asked in the bankruptcy forum but maybe over here yall have more insights?

 

I will need an auto loan fresh off bankruptcy discharge (chapter 7), current scores are mid 600's (TU is actually 700), DTI under 20%, My understanding is with the fresh discharge I probably will not get approved or will have a 20+% rate. Will a cosigner help the rate? if so is there recommended banks to try to get pre approvals from?

 

Cosigner has 800+ scores, low DTI, no current auto loans

 

I will have a 5K (maybe 6k) downpayment - looking at cars around 30k

 

Thanks for any insights

 

**Cosigner volunteered, we know the risks, not asking if its a good idea or not just if having a cosigner will help me and the idea is for me to refinance as soon as I can get a decent rate (1 year ish)

 

 

 


For sure! Specially if the cosigner can prove income if needed! You'll be just a secondary signer.




Message 2 of 5
Hoffy08
New Member

Re: Will a cosigner help?

Thanks. cosigner can prove income (I can as well) do you know if the first name effects things like title/registration?

341 - Sep 2022
Message 3 of 5
CYBERSAM
Valued Contributor

Re: Will a cosigner help?


@Hoffy08 wrote:

Thanks. cosigner can prove income (I can as well) do you know if the first name effects things like title/registration?


Bank would own the title till it is paid! However you can register the car under your name including the insurance. No issues there.




Message 4 of 5
Hoffy08
New Member

Re: Will a cosigner help?

ahh ok, i'm in NY they usually send the title with a lien on it, at least thats what I think they did last time I bought a car a few years back I got the title a month or so after purchase while having an active loan, never had anyone on a car loan or title with me before, glad to hear its possible cosigner will help and still allow me to be registered / insured 

 

341 - Sep 2022
Message 5 of 5
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