co applicant and co signer?

Anonymous · ‎10-03-2015

I have an unusal situation. I'm a stay at home mom, and I have fair credit. My boyfriend has no credit at all. We would like to apply for a car together, but I'd like to get us the best rate. My dad said he would co-sign for us to help with that, but I'm not sure if you can have two applicants and a co signer? I don't know if he would co sign if it was just my boyfriends name on it, but his at least has to be on it because he has the income and I'd really like him to get his score up.

Skye12329 · ‎10-03-2015

I've never heard of 3 applicants. I just know its usually the applicant and co applicant/signor. I would suggest talking to your dad and see if he would co sign for your BF because he has the income.

BK7 - 2/21
Cap1 QS - 2k (4/21)
Mission Lane - 4k (11/21)
Venmo - 900 (11/21)
SavorOne - 2500 (12/21)
VentureOne - 2000 (7/22)

Anonymous · ‎10-04-2015

@Anonymous wrote:
I have an unusal situation. I'm a stay at home mom, and I have fair credit. My boyfriend has no credit at all. We would like to apply for a car together, but I'd like to get us the best rate. My dad said he would co-sign for us to help with that, but I'm not sure if you can have two applicants and a co signer? I don't know if he would co sign if it was just my boyfriends name on it, but his at least has to be on it because he has the income and I'd really like him to get his score up.

Yes, you can have 3 people on a car loan.

MakeItAMudLight · ‎10-05-2015

If your dad is cosigning then you may be able to do it with just you and your dad on the loan as they will most likely be looking at your dad's income if he has the better credit.

Anonymous · ‎10-06-2015

I had my grandfather co-sign a car for me 4 years ago and when he did his credit was strong enough they didn't even ask for POI. When I did ask if they needed proof of income the sales rep said "No we don't but if we did it would be his anyways." Meaning my grandfather's. I think it would be okay to try and app with you and your dad FWIW. I have done alot of car shopping with "fair" credit and even got approved by myself without POI, Maybe explore that avenue?

Find the dealership and car you want and app and see what all the stips are, you could always say no and show back up with your dad within a few days to not waste the inquires.

I got an 8.5% APR with a 500 credit score with an 846 co-signer.