Quote:
Originally Posted by pb4ugo
Even with a co-signer (if one is available) you will face rates and terms not as favorable as just having good credit to begin with. This is approx. 7500 car deals' worth of experience talking.
As a F&I manager, I could get a first time buyer bought all day long at top tier rates as long as they had a year of responsible credit repayment and equivalent high dollar amounts. A kid buying a 12k car with a 10k credit card limit as comparable amount was golden. When buyers got stars in their eyes looking at the 40k truck is when re-enforcement was required.
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Wow, that's good to hear. When I went to get my first car i couldn't get great rates (not bad, but at least 4-5% above the best rates) w/o a co-signer. This was a cheap new car and having good credit, a fulltime good job for two years, and a CC for 5 something years always paid on time and in full. OTOH, my wife (but still not married at the time, so GF) had our mortgage in her name and she had no problem getting the best market rate by herself. Even though I had been paying half the mortgage for a couple years, the bank didn't know that and my credit was still fairly weak as it was just CC debt, etc. The rate she was quoted was 5% less for no other diff than the loan history really. Once I had established good credit w/ the car loan, I had no trouble getting other loans later on, like mortgages etc.