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Tina | Buying a car with bad credit...co-signing for my niece? |
Hey guys,
My niece screwed up in her first year of college and really screwed her credit up. Now, her car is falling apart and she is going to get a new one this week.
She has straightened up and works quite responsibly, but has asked my husband and I to co-sign for her. We are both business owners and have never had to deal with the ugly effects of bad credit.
If I co-sign for her will she get a better interest rate? I understand that if we co-sign then we will pay if she doesn't--but that isn't my concern.
Financially, What is the difference in her buying the car herself without my help, and me co-signing for her? Is it worth it?
Additional Details
I have excellent credit--820 credit score--but it has taken a long time to get there. If she doesn't pay the payment on time will it effect my score? |
 |
 
Mark H
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Tina, I work in auto sales. Co-signing for someone is a difficult decision. Even though it is family, those are the ones that are actually the worst.
Co-signing will definitly get them a better interest rate, but can also damage your credit since you don't know if they are making the payment or not. They would have to be 2 or 3 months behind before you as a co-signer even found out they were delinquent. Which would already be showing up with negative late payments on your credit bureau.
I suggest that if you are going to co-sign, you start with a car that is around $12,000 which should be reliable enough, and keep her payment reasonable enough to where she will not have problems paying the loan. Do not do a loan over 60 months either for a co-signer. Also, get like a 2 year bumper to bumper warranty added on, that way if she has problems with the car, it will be covered rather than her using her money to make repairs instead of making her car payment.
Also, keep in mind that if the vehicle is going to be financed, she must carry full coverage insurance on the vehicle which may be expensive. Check the insurance rates BEFORE you make a purchase. Get her a car that is good on insurance and reliable, like a Chevy Impala or something along those lines.
Most girls like Sunfires, Grand Ams, G-6, Grand Prix's which are all VERY expensive to insure for a younger person. Also, make sure she has GAP insurance on the car as well. She can get GAP insurance through the dealership or through her own insurance company.
GAP insurance is very cheap and it covers anything the regular insurance policy does not cover if she were to total the vehicle.
Hope this helps, if you have anymore questions, please feel free to ask. |
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SlimMick
 |
Co-signing (with your good credit) for her will make a big difference in terms of her not having to pay Tony Soprano type interest rates on the car loan...
Be forewarned....co-signing a loan is a dangerous....Any late pays/defaults will spill over onto your credit and damage it....If you co-sign, take control of the payment process. It is critical that you be aware of her not being able to make a payment in advance....rather than 3 months down the road...for example....In such a case you might find out that your credit score has dropped 150 points because of late pays from your niece's car loan that she might not have informed you about. This happens all the time...and when it does...there's nothing you can do to undo the damage.... |
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bdancer222
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NEVER, EVER CO-SIGN anything for anyone who you are not legally married to.
Your niece has bad credit because she failed to pay her bills on time. If you co-sign this loan, your credit will get dinged for any late payments or defaults. If she defaults, you can simply take the vehicle and pay the loan. But if she pays late, you can do nothing except take the hit in your credit.
She should buy less car and not ask you to co-sign. If you really want to help her out. You buy the car and let her make payments to you. At least your credit won't get bashed. |
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Li
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Co-signing for her means that your good score and her bad score meet somewhere in the middle and instead of a 20% interest rate for example) she may get a 10-15%, depending on how good your credit is and how bad hers is. That can mean thousands of dollars in savings for her - but it could also mean calls and collection letters for you if she goes even a couple days past due on her loan. No offense to her (I've just recently finished paying off my own 'college stupidity' debt) but be very sure that she has, as you say, straightened up before co-signing 3-5 years of your life away. |
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Grandpa
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she needs a co-signer and if you do that she will get a better rate and she can go to one of those buy here and pay here they have them here in illinois at one place for 9% rate |
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cap
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yes,if you sign first and get her to be the comaker.its a difference of literally 60-80/mo on the note depending on how bad her credit is.its worth it only if you know that you are just as responsible for the note as she is. |
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quenty@pacbell.net
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She probably won't be approved for a loan if she is the only signer. You are co-signing as the guarantor of the loan.
The only way for her to get a better rate would be for you to take out the loan and she be the co-signer, to have her name on the loan.
I'd think about this very cautiously and then only do it if you could afford to make the payments yourself without your niece, because a lot of times that is what it comes down to. |
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Jen
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If you have good credit, then her intrest will be ALOT lower than if she goes on her own to do it. Also, she should think about putting down as much money as she can at signing. The intrest will be lowered that way too. |
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src50
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I don't think your cosigning will help her on the interest rate - you'd have to be corborrower for that. As cosigner, you are guarantor on the loan in the event that she fails to pay. |
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