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Do I need a cosigner to buy a car?

Im trying to buy car and need a cosigner. Mom lost job can she cosign?? She has good credit?

  • House is in her name, car loan already paid off, but she just lost her job. Is she even capable of cosigning for me??

  • Answer:

    Probably not. She needs proof of income as well as good credit and assets to cosign a loan. Since she has just lost her job, you do not want to ask her to assume such a burden as cosigning a loan right now. Save up money from your job to pay cash for the car.

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Getting a new car loan is not easy though it can be the easiest way to attain your dream car. There are many players in the car finance industry and for the consumer choosing the best type of loan is a difficult task. Many factors have to be considered before taking up a car loan. Whether you want to take up a loan or not, will depend upon the car you want to buy.

Allison

Only the lender can answer this question. If she has excellent credit (FICO score 760+) she may be an acceptable co-signer.

P M

some time they do not ask for proof of income. yes she can co sign you but it will be your responsibility to pay on time otherwise both credits will be effected.

ice

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