If I put a bigger down payment on a car do I still need a co-signer?

Question

I'm trying to get a new(used) car 2007 it's $15,000 I have $2,000 down but they said I still need a co-signer because I don't have much credit if I save $2,000 more & put $4,000 down do I still need a co-signer? I don't have anyone to co-sign so I'm trying to find away to get the car I want without a co-signer! Please Help!!

Answer 1

I don't know the specifics of your credit, but you most likely will still need a co-signer. With no credit, any bank would probably want at least half down before they would consider giving you a loan without a co-signer.

Answer 2

More money down certainly does have an impact, but i can't make that call based on what you are saying.  Your credit may require you have a co for any amount of money.  You'll have to ask the dealer to call the analyst and see if they'll accept it.

Better yet, go to your local credit union and try to get approved through them, you can find one here:  http://www.creditunion.coop/cu_locator/i...

good luck.

Answer 3

That might be okay.. When I went to the dealership to get my car they told me that thats just what i needed to do, either get a cosigner or put more down. If you go to the dealership they should be able to tell you what their banks will work with for a down payment from you, they did for me.

Answer 4

Down payments have a huge impact on approval. It is a whole calculation formula they use. The idea behind a down payment is the more you have into the car the less likely you are to let it get repossessed. For example if you put $1000 down and the payments were killing you, you might let the car go. However if you put $6000 down your less likely to let the car go. You credit score plays a big role but for people around the 500-650 range down payments can make of break the deal. Best of luck,