I’m trying to purchase a new car with 0% APR financing for 60 months. Why do we keep getting turned down for a car loan even though we have good credit? Despite having a 707 credit score, I was rejected We were rejected again after I added my mother to the loan because she has a credit score of 730. Im not making a down payment either, if that matters.
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Can you be denied a car loan with a cosigner?
A cosigner isn’t a cure-all for every situation. They can “lend” you their excellent credit score to help you meet auto loan requirements, but if your credit reports contain significant negative marks or you don’t meet other requirements, you might still be turned down for a car loan even with a cosigner.
Can you be denied even with a cosigner?
Lenders occasionally refuse loans to borrowers who have too much debt. Cosigning on a mortgage, car loan, or student loan could result in the cosigner accruing a sizable amount of debt. The cosigner might be turned down if they anticipate needing to apply for a sizable loan soon after cosigning.
What credit score is needed to buy a car with a cosigner?
Get Car Financing The written promise and guarantee of payment is required. The cosigner typically needs to have a good or excellent personal credit rating in order for the bank or lender to accept them. Typically, lenders will demand that a prospective cosigner have a credit score of 700 or higher.
Is it easier to get a car loan with a cosigner?
As you repay your auto loan, a co-signer may help you get approved more frequently, get better loan terms, and eventually raise your credit score. Improve your chance of approval. If you don’t have a long credit history or have a low credit score, a co-signer strengthens your application.