Overhaulin'

They offered me 17% for a car interest loan, if my parents cosign can I get that lowered, how much?

My fico score is about 640 and my income is $21,000 for a $17,000 loan. My parents have excellent credit and good jobs. Will the interest rate be lowered by much if they cosign?

Public Comments

1. depends on their credit score if they have good credit then the rate should be 6% max, do not buy anything w 17% interest
2. That interest is high, even for someone with a 640 Fico I think. Do more research. What will happen is that the dealer will probably list your parents as the buyer of the car without them knowing it. It's a popular scam. If you can't get the car on your own, I'd say, keep looking and work on your score until you can. You may also want to wait until you can better afford a car before buying one. 21K a year is roughly $10 an hour and if you have a car note, insurance, oil changes, repair bills etc. you may find that you have over extended yourself, which will result in late payments and if that happens, say goodbye to that 640 because your score will get even worst.
3. In Texas I think 17% would not be allowed as it would be considered usurious. At least I hope it would, if that much interest isn't illegal it should be. Might as well buy it on a credit card. If your parents will cosign you should be able to get that down to a good rate. Also look into the offers of low or no interest financing on some of the cars . I bought a Jeep Liberty in 2006 with a no interest financing by Chrysler Credit. Some of the companies are still doing the low or no interest financing so long as you have good credit.
4. 17%!! Can you say rip-off. Most times % is that high is if you are buying a pre-owned car. A pre-owned car already depreciated. So the dealer tries to make up the difference with a high intrest loan.
5. Have your parents contact their banker and arrange the financing. Forget financing through a dealer...it's a ripoff. They make a high percentage of their money from financing. When you do this, you are now a cash buyer, not a payment buyer...something magical happens at that point...you talk price, not payment...the dealers' profits go down the tubes and you get an excellent deal! Good luck
6. I read your Article. I have applied for series of Loan in different loan companies online and end up loosing my money.I lost $1,700.00 in the hands those internet loan scammers, who claim to be loan lenders. I lost every penny i had till a friend directed me to Macro Loan House, were i applied for a loan of $46, 000.00 which was Approved and transfer to me. I will advcie you contact the company too for possible help. Company email:{loaninsurance_coys@yahoo.com} i assure you that you are dealling with a reputable legit lender who have the fear of God and human in him.I don't have much to say,I live you to follow your faith.And i pray for you not to fall into the hands of scams. Regards
7. well i think you can get the loan if there credit is good, but i advice you request your loan from unsecured loan lenders, and i know of one you can contact, his name is Mr bennard and here is mail ID (ben_aggie123@yahoo.com) .