kinda of a dumb question but id rather ask it annonomusly than in person....

my credit sucks, my fathers credit is good.

if i co sign a loan for a new car purchase who's credit score do they go by? mine or my fathers? or do they take an average of both?

i think its like 75% your fathers and 25% yours.

i've been trying to google it and nothing really concrete comes up...I assume it differs between what ever bank you use....thanks....

If your credit sucks because you've had trouble making payments, make sure you don't drag your dad's credit into the dungeon by continuing to make late payments!

Make sure the loan has you first then the co-signer.

I don't know you personelly so don't take this the wrong way.

Most Co-signers get screwed. I have seen this happen way too many times to people. I have had too say no a few times. One was my brother and another was my sister, both of which the loans defaulted. And the co-signer (my parents are now responsible for the amount left over on the loan after they sold the car for less then they owed)

If the person needing a co-signer does not pay, the loan company will put the "bad score" on both of you. Remember that you and the co-signer will have to make sure all payments are made on time for the next 2, 5, or 7yrs depending on the length of the loan.

If you need to build credit try this. Save up some money say $1000 or more got to the bank (where you keep this money) ask them for a personal loan for the amount you have saved. keep the money in the bank add the loan amount to it. make at least 6-12mnth payments on it on time. Do not touch this money unless you really have to. Now at the same time get a checking account and use it (check or debt card) to pay for everything you can and DO NOT overdraw(overdraft) on it for the same time period. These two things alone will show you are responsible and can manage your money. This is what banks like and will get you a lower interest rate on future loans.

If I could do anything over in my life again, it would be to live on only 1/2 of my paycheck and save/invest the rest. If you are young you could do this and would never notice the other half not being there.

JAy

Dam me and my long posts.....But I hope this helps you in someway.

kinda of a dumb question but id rather ask it annonomusly than in person....

my credit sucks, my fathers credit is good.

if i co sign a loan for a new car purchase who's credit score do they go by? mine or my fathers? or do they take an average of both?


If you co-sign it's not your loan and you will get no credit for it.

JAy

thanks for all the advice. you've given me alot to think about.

in response to that, i asked a salesman the same thing. he said, " .....interest rates are "tiered", which means that all in all they are based on the score on your credit report.....when there are two on the loan the scores are not averaged, but both are taken into consideration....approvals are based on income compared to your monthly bills, credit history, time on job (young people have a bit of leeway here ), down payment,and the year of the car and how long you need to finance it for....VW Credit also has a program for first time buyers, and several sources look more at your recent history than way in the past.... "

I am in the same boat. I think this explains a lot.

i was planning on getting a loan at the dealership but after researching techniques on buying a car, i plan on getting a loan from e-loan or a credit union first .

than i'll go into the dealership and see if they can beat whatever rate i get from e-loan.

thanks .... so its not an average its whatever they want it to be...

i was planning on getting a loan at the dealership but after researching techniques on buying a car, i plan on getting a loan from e-loan or a credit union first .

than i'll go into the dealership and see if they can beat whatever rate i get from e-loan.

thanks .... so its not an average its whatever they want it to be...

Yeah that is a good idea. I was pondering that myself. I really really want to get into a Rabbit. I will do what it takes to do so!