Question by DJ Trancer: Where can I get an auto loan if I have bad credit, but I have a co-signer?
I was involved in a near life ending car accident. I wasnt able to walk for 8 months. I finally went back to my old job after 8 months and was financially bounced back after a year, able to make my rent, truck payment (new truck in my mom’s name for me. I am thankful for that.) and paying my other utilities. By the time I was drawing in income, I decided to see what damage had been done to my credit report. The day I turned 20, I bought a Nissan Titan, all on my own, 9100 miles on it. 721 credit score. I worked extremely hard to get my credit like that. I had 4 credit cards, all with 60% balance on them, a car loan, and a loan for my tv. They had already charged off all of my accounts, my credit cards, truck (insurance didnt pay, but thats not my point), and my tv.
So, I basically sit around a 490 credit score if not worse. They keep selling my debt from one collection agency to another. My wreck was on January 9th, 2006. So its been going on for nearly 5 years.
I want to do this vehicle right in my name and my mom’s name. We bought a brand new GMC Sierra, fully loaded in the mid $ 30′s. Just her on the loan. She makes roughly $ 38k a year. Dealership got her financed at 6.9% apr for 72 months. I have a new job and I am paying $ 450 a month just in gas so Im getting a car that gets me 30mpg on highway.
My mother having the truck in her name, but me having possession, (I live in Texas, she lives in Oklahoma) is called a straw purchase. Both her and I are insured on the truck. I want to do it the right way.
So my question is, is that Bank of America, where she got preapproved by herself because she used my dad’s income also, which I thought you could use your combined household income if you were married and getting a mortgage or auto loan. But they are saying that unless he is on the loan, and he wont agree, then she has to use her income only. So the income was approved on $ 80k year income. Not $ 38k
So I make roughly $ 50k a year. My income would actually be more than if they were to include my dad’s income, which like I said, BOA wont allow.
So what lender will approve a loan, with good rates obviously, with me on the loan and her as a co-signer? She has upper 600′s credit.. Maybe around a 680. I will be paying for the vehicle entirely just as I always have been? Thanks!
And Sharon, shut up. Seriously. You obviously didnt read the message fully.
Im not asking for MORE credit moron. Im selling my $ 37k truck and getting a car that gets me 30mph so I can pay off the old debt or file bankruptcy.
eople like you should just be kicked off of this site because I can tell, just by your comment, you dont have anything good to say. Its all moronic.
Best answer:
Answer by Sharon T
You don’t need more credit. You need time to pay off some of your loans and get solvent.
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