Anonymous
Anonymous asked in Business & FinanceCredit · 10 months ago

Co-sign with bad credit but high income?

Hi I’m trying to get this car thats worth around 19,000 but I wasn’t approved for just me alone, because my credit is on the fair side.. but my dad also has a bad credit but his income per week is around 2k will that help me get approve? “ this what the guy said  Hi! We got you approved on the car with a cosigner . You said your dad would help you right ?” 

9 Answers

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  • Who
    Lv 7
    9 months ago

     So whats the point of the question? - you didnt get the loan on your own - but you would get it with your father as cosigner( (assuming he will cosign)

    why do you ask if having him cosign will help when you have already been told it will

  • Judy
    Lv 7
    10 months ago

    A cosigner must be qualified to get the loan or they won't be accepted.

  • Scott
    Lv 7
    10 months ago

    Two people with bad credit don't equal one person with good credit. If his credit isn't good, he is no help to you as a cosigner.

  • 10 months ago

    Two people who don't pay their bills isn't any better than one.  

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  • Dan B
    Lv 7
    10 months ago

    The credit profile tells lenders your ability or willingness to pay your debts. There are those who have high incomes but seem to be always late with their payments (probably living beyond their means; too much debt). They sometimes have difficulty getting loans with decent terms.

    Then there are those who don't make much money, but they seem to pay their bills on time, every time. They might get the loan that you can't.

    Then again, there are car dealerships that will self-finance your car with good credit, bad credit or no credit - they don't care.. They don't care if you can afford the payments. If you miss a payment, they'll repot the car, resell it and the cycle starts again with a new buyer.

  • Anonymous
    10 months ago

    Bad credit is never going to help you get approved.  If your dad has bad credit, he doesn't/hasn't paid his bills.  The fact that he makes $2000 a week apparently  hasn't changed his attitudes against his bills and it looks like you've picked that up.

  • 10 months ago

    A co-signer needs to be able to pay their own bills AND your loan, if you can't or won't.  Given dad has bad credit, despite a high income, means he can't be trusted to pay his bills, so its extremely unlikely that he would qualify to be a co-signer in the first place.

    You will either have to find a cheaper car, or a different co-signer

  • 10 months ago

    He meant a co-signer that would actually qualify for a loan.

    Nothing worse then someone who has decent income but doesn't bother to pay their bills.

    If you are earning $650 a week; $33,800 a year, do you really want a car for $19000?  Remember this doesn't include fees, interest, insurance, maintenance, etc.

    - you are likely going cost a full year's salary = every day, every minute that you work for an entire year will go towards paying this car.  Yes, the money will be spread out over multiple years, but that doesn't change that the only thing you bought with the money you earned for the year is a car that is only going to go down in value. 

  • Anonymous
    10 months ago

    Income does not matter without good credit.

    You clearly should not be buying such an expensive car.

    When someone says you would be approved with a cosigner, they mean a good credit, good income cosigner. Not another deadbeat.

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