Saturday, October 31, 2009

I have bad credit but my cosigner has great credit?

what should my finance rate be for a used car no more than 15000 and a 48 month loan



I have bad credit but my cosigner has great credit?

that's going to depend on the particular place you get financing at and your score - they are going to look primarily at your score to set the interest rate, the cosignor just gives them some one to go after if you default on your payments - It will probably be over 10% rate - if you are financing 15000 for 48 months - that's over $300 per month NOT including interest, so it will probably be closer to $400/mo - that's a lot for a car payment. 60 months or more is more common now - that would reduce monthly payments by at least $50/mo probably



I have bad credit but my cosigner has great credit?

There are lots of ways to saddle yourself with payments for items that go down in value.



Why not buy a car for cash and save a bunch of money?



Not only do you avoid paying the finance charges/interest ... but you also can get a much lower price when paying cash.



See the link below for the smart way to buy cars:



I have bad credit but my cosigner has great credit?

It's your credit that will determine your rate, not your cosigner's. The cosigner is guaranteeing to pay if you don't.



I have bad credit but my cosigner has great credit?

it totally depends on your interest rate

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