How did my mom get me a car?
How did my mom get me a car?
My mom cosigned for me and I’ve now had a beautiful car for three months. I’ve been making on-time payments, the registration is in my name, and the insurance is in my name as well. The loan was made in a Honda dealership for a used Kia and I paid a $500 downpayment.
What does it mean to co sign a car loan?
Having someone co-sign a loan is a way for someone who has poor credit or who doesn’t have enough credit history to get a loan by piggy-backing on the good credit of a creditworthy co-signer who is willing to put their name on the loan documents. Both parties are legally responsible for repaying the entire loan balance,…
Can a co-signer help you get a car?
For borrowers with horrible credit scores or no credit history at all, a co-signer can be a lifeline that allows them to get a car. A co-signer with excellent credit can help you get a car loan with a decent interest rate, rather than one with an extremely high interest rate and restrictive terms.
What should you do if your mother refuses to co-sign?
If you are not willing to be there for them, then you should not have asked your mother to co-sign. Cut ties entirely, sell the car and pay it off, get something much more modest, and make your own way in the world. If that doesn’t work, well, that’s no surprise; people are stronger together.
My mom cosigned for me and I’ve now had a beautiful car for three months. I’ve been making on-time payments, the registration is in my name, and the insurance is in my name as well. The loan was made in a Honda dealership for a used Kia and I paid a $500 downpayment.
For borrowers with horrible credit scores or no credit history at all, a co-signer can be a lifeline that allows them to get a car. A co-signer with excellent credit can help you get a car loan with a decent interest rate, rather than one with an extremely high interest rate and restrictive terms.
Having someone co-sign a loan is a way for someone who has poor credit or who doesn’t have enough credit history to get a loan by piggy-backing on the good credit of a creditworthy co-signer who is willing to put their name on the loan documents. Both parties are legally responsible for repaying the entire loan balance,…
If you are not willing to be there for them, then you should not have asked your mother to co-sign. Cut ties entirely, sell the car and pay it off, get something much more modest, and make your own way in the world. If that doesn’t work, well, that’s no surprise; people are stronger together.