i had 1 credit card but have a job that pays 18.75 hr and i still needed a co-signer

 

I didnt need a cosigner, make 20/hr and had 7000 down, also had bad credit, got a car! I'm telling you, you need to negotiate.

 

damn and i thought i had bad credit

 

I make minimuim wage right now here in cali, it's $7.50, and goes up next year and the year after that.

 

i make 12/hour....went in and did all the paperwork drove the car came back and he was like sorry cosigner...i shook his hand and walked out he came running over to my car saying they got a bite....i now own an 07 cobalt LT...i put 500 down....12% apr 355/month

 

Cosigning is different now a days. We have control thanks to information flow and negotiation rights. You can most likely do without it.


May I ask why you want another one?

 

see if you can get a grandparent or someone as a cosigner man... or even the primary signer. I got my mom to be the primary signer as she has awesome credit, and I co-signed because they said its the easiest and cheapest way for me to get credit. The title is under my name and everything. I got (well my mom did) 5.9% through a credit union. Now this would be risky on the other person's part if you couldn't pay it.

easiest way to get a good rate is to get a cosigner, even a friend who trusts you with good credit.

 

thats true, you have to negociate
when i was going to get my ss/sc ( i have no credit history and i got a part time working around 30-35 hours at 6.20) they told me that i have to give a downpayment of 7000-8000 and still got high interest and got to pay arround 450-500 for the month.

so i got my father sign( he got exelent credit) and i sign as co-signer and i dint give a downpayment and got 450 for 5yr

 

I built my credit up in this very easy way.

1. Bank account over 10K
2. No past due's
3. Paid every bill early

Even today the only real loan that i have is my car loan on the E55.

 

These days anyone can be approved for a loan as far as your interest rate better go and hide but some companies will take it and give you a good rate you should deff go where you bank and try there first especially if you have a credit union for a bank

 

I just pick my SS/SC up last week. I found a used one with 4500 miles for 15...I make 15 an hour and work 40-45...have always paid my credit cards off when due etc...and still needed a co with $1500 down.
You will have the same prob I had it sounds like...You have not owed enough people enough money. Kinda dumb if you ask me.

 

the minumum wage in IL is 7.50

the only way youre gonna get a loan is if you put down a hell of a down payment

thats what a sales rep at carmax told me

otherwise you need a cosigner

if you can, get your mom to cosign and put down a nice payment

for the most part cosignings the only way to start your credit history

and credit cards dont seem to count for this type of loan for some reason

 

well, at the moment i drive around my 500 dollar beater civic(which is actually like a 3000 dollar beater, with all the money i have put into it to fix it, and it is still a beater). it is a salvage title so its not available for trade.. my cobalt has 45k miles on it, and i bought it last september with 13k miles on it. so my value just keeps getting lower and lower. payoff is 13k or so, and with the financing it will be a 25,000 dollar car. and it is an LS. BASE. so i want to sell it. and i figure i might as well try to get a better car and have the same payments.(i pay 383 a month, 6 years)

 

How old are you?

 

.20.

 

I don't know if anyone else said this but

You're better off paying off your car as is now cause if you think your note is high now, it's going to be even higher.

Your car realistically at a dealership would be somewhere around 7-9k as a trade in value, not the 12 or 13 you think you might get. Sad but true. So then they'll carry over the rest of the loan to the new loan on top of you wanting to buy a 18-21k car and paying high interest (which I'm assuming you're already doing now).

You're going to be paying a rediculous amount of money just to get out of your car.

I know what I'm talking from personal experience. Yeah, it's nice to get the nicer car but sometimes you should get the cheaper car or ride out the current vehicle if it's in good condition.

I don't know if you're in college or not but money for schooling is something to consider as well on top of all the other finances.

Negative equity is not fun and it sucks monkey dick. Just keep your car and ride it out.

 

I work at a Dealership and what NJHK says is true.

I went from a 04 Honda Accord EX-L MSRP $23,950 to to my cobalt. Basicaly I saved the diffrence of negitive equity, so I didnt roll any over. Bought the cobalt for 12.5 for 60mos with little credit history 349 a mo. from my 498 for 72


Basicly the bank is going to look at it like this.

You owe = 13500
Cobalt Trade = 9000
neg equity - +4500

New SS/SC - 20000
add negitive 4500
Total amout financed 24500

Not having a long established credit history the bank wants in good failth usually 20%
UNLESS you do like GMAC first time buyer program and the Intrest rate is astronomical.

So for round numbers sake you finance 25000 Neg equity tax tags and all the Dealer BS

Either come up with 5000 Cash Down for the 20%
or
Pay down your negitive on the car you have in big lumps before trading it.

Most banks will not finance more than 120% of a vehicles value.
ex $22,000 SS @ 120% $26,500 If your neg equity was more than that the bank is almost a NO.




In Short you need a BIG Down Payment , start making double payments on your car.

I cosigner isnt going to aleivate the negitive equity and thats the biggest thing working against you.

 

Brotha man speaks da troof