What is the minimum credit score a co-signer must have to get approved on an auto loan?
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I know all banks are different and some are more stringent than others, but say I’m looking at an auto loan and I need a co-signer simply because I’m in college and I haven’t had my credit that long to have my "credit file" big enough, with no real loans except a small credit card and student loans. Obviously a lot has to do with debt-to-income ratio. Thanks for your help!
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SPIFIMAN1 said:
Auto finance is what I do for a living and to get any kind of decent rate the co-signer needs to be at least a 640 or higher.
Anything below 625 is considered sub-prime and will not qualify for a co-signer.
Good luck.
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0February 14th, 2010 at 9:58 am -
mrs.vanvem said:
Most banks are similiar
However, there are secondary financing companies that will finance lower scores, you just pay higher interest. No matter who finances, the car has to qualify just as much as you doLike or Dislike:
0 0February 14th, 2010 at 9:58 am -
jlf said:
Each lender is different – as you say. Probably at least a 680-700 FICO is reasonable to expect.
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0 0February 14th, 2010 at 9:58 am -
Mai said:
If you need an auto loan from online…don’t worry, you surely get it. Just find the right comapies that provides you with Auto loan quote for free. I have seached the web and found one that has some good tips and solutions for you. You may take a look at it here: Http://Loan.businessallianceonline.com
I think it is very heplful for you.
Good luck !Like or Dislike:
0 0February 14th, 2010 at 9:58 am -
health insurance quote said:
Wow, how long before we see the first graduate with a $1 BILLION in student loan debt?? I’m sure the government-subsidized private loan lenders are lobbying Congress hard to make it happen. Welcome to America, Home of The Smartest Poor People on The Planet!
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0 0February 14th, 2010 at 6:11 pm
