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Co-signing question

G

Greyd

Platinum Member
When someone is co-signing to buy a car - is the credit history of both people pulled up? My father is cosigning for my to buy a new car because his credit history is better. Mine not so good (working on rebuilding it).

Will the financing (rates,percentages,etc) depend only on his credit history or both of ours?

Thanks
 
Originally posted by: woowoo
Originally posted by: Greyd
Originally posted by: woowoo
Yes
Both.
Click to expand...


So...it would probably just be better if he bought the car straight up.
Click to expand...

Yes,
But that won't help your credit...
Whats your score?
Click to expand...

Not sure...I've had a look at my credit report and it wasn't good (stupid things I did like 4 years ago) I would rather have cheaper payments than anything else. I can rebuild credit through other means I'm thinking (Actually what I'm doing now anyways)
 
You may want to try your local credit union or bank.
Use the dealers financing as a last resort.
 
Buying a car is one of the best methods to redo the credit because it is a secured loan. In other words if you don't pay up they kill your credit and take the car. This is a really big deal your dad is doing. You should thank him profusely AND make sure you make all your payments on time. My general rule of thumb I have found useful is take your minimum payment and round up to a nice number for example $175.63 becomes $200. Doing that will shave off a few months on the payment term and will ultimately save you money from interest.
 
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