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Buying a Used Car - Loan help


Goaldeje

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I am planning on purchasing a used minivan within the next couple of weeks here, and have a loan question for anyone who knows. Due to some unfortunate business decisions in the past (my ex-partner is business left in the middle of the night, leaving me w/ lots of debt and clean-up), my credit aint great. Getting better, but I doubt it is where it needs to be now.

My dad knows this and volunteered to help, by co-signing on the minivan. Dad has quite possibly the best credit in the entire world, I think. So my question is, will I be able to get a loan with poor credit, but with my Dad's help? And, should I expect a sky-high interest rate?

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I am planning on purchasing a used minivan within the next couple of weeks here, and have a loan question for anyone who knows. Due to some unfortunate business decisions in the past (my ex-partner is business left in the middle of the night, leaving me w/ lots of debt and clean-up), my credit aint great. Getting better, but I doubt it is where it needs to be now.

My dad knows this and volunteered to help, by co-signing on the minivan. Dad has quite possibly the best credit in the entire world, I think. So my question is, will I be able to get a loan with poor credit, but with my Dad's help? And, should I expect a sky-high interest rate?

A cosigner with excellent credit will definitely help. Loans on used cars are high to begin with, so yes, you should expect a pretty high rate, depending on the year of the car. Best bet is to shop around at A. the dealership if you buy through one and then B. your bank and your fathers bank, especially if it is a credit union or a superregional like Wachovia, BB&T, BofA and the like.

If you want to check your credit score, i recommend www.equifax.com and purchasing "score power." You want to be above 620 at the very least, 680 is considered "good."

Failing that, you can always go to Easterns, where your job is your credit.

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...did it for my brother about 6 years ago. No problem for him to get a loan...

...by the way, if you go through with this and Dad does co-sign...make sure you make your payments on time. If you find that you cannot make a payment on time, do him the favor of letting him know ahead of time if possible.

My brother missed one payment over the course of his 4 year loan...but I had to answer for it the last 2 times I went for a mortgage (once when I moved and again when I refinanced to a lower rate). His missed payment was on my credit report and I was pissed - had he let me know I could have floated him a loan for a few weeks.

Both times I went for the mortgage I had to have copies made of every check he had written to the financing company in order to prove he was making the payments....pain in the ass.

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