answersLogoWhite

0


Best Answer

Sure, in fact most people do not need a cosigner to get an auto loan. The entire process is based on your credit rating, financial situation, and your income. If they are requiring you to have a cosigner, then your credit rating must be very bad or you are buying more car than you can really afford. Purchase what you can really afford and no more. Never, ever, purchase a car that requires more than 20% of you take home pay in total car payments. That is payments on all cars you own, not just the one car. Otherwise you may end up in big trouble and have the vehicle repossessed, thus ruining your credit ever farther. Live by the 20% rule and you will be in good shape.

User Avatar

Wiki User

16y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Is it possible to receive an auto loan without having a cosigner?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Continue Learning about Finance

How kiting on cash done?

Kiting is when you write a check on an account without having funds. You receive cash without having the funds to back it up.


Is it possible to get a loan with bad credit?

Some agencies will accept high risk people with bad credit to receive a loan. It is still possible to receive a loan despite having bad credit.


Does having a cosigner lower the interest rate?

The cosigner can be held responsible for the loan if the original signer does not repay. Thus, the creditor has another means of access to the money, similar to collateral, and thus the presence of a cosigner lowers the interest rate.


Does a cosigner have to have a good credit rating to cosign?

Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by the lender.


Does having a cosigner help your credit?

Yes, having a cosigner on a loan or line of credit/ credit card can help your credit. It can help because, assuming they have good credit, you are more likely to get approved, which gives you a chance to build your credit. The danger is if the cosigner where to default on payments or abuse the account (such as using a credit card you both are signers on to rack up a lot of debt). So if you pick your cosigner carefully it can help you- but remember what you do on the account effects their credit, so make sure you are also responsible with the account.

Related questions

If your car was repossessed but redeemed by the cosigner can the bank report a repossession on your credit but not on the cosigner's?

VERY possible. reporting repos is up to the LENDER(of course, they usually do). It was very much repoed from you sooo. Nothing you can do about the co-signor having or not having a repo on their credit.


Is it possible to be in the military without having to leave home?

No, that is not possible.


I just started a new job. I have a bad cedit history. How do I qualify for an apartment lease without having a cosigner a cosigner?

Most "little" landlords - the ones without mega/multi units - do not run a credit check. Have the security deposit and first and last months rent ready and you'll find a place.


How can you count your hair without having to pull it out?

No its not possible


How kiting on cash done?

Kiting is when you write a check on an account without having funds. You receive cash without having the funds to back it up.


Is it possible to get a loan with bad credit?

Some agencies will accept high risk people with bad credit to receive a loan. It is still possible to receive a loan despite having bad credit.


Does having a cosigner lower the interest rate?

The cosigner can be held responsible for the loan if the original signer does not repay. Thus, the creditor has another means of access to the money, similar to collateral, and thus the presence of a cosigner lowers the interest rate.


Does a cosigner have to have a good credit rating to cosign?

Yes, that is the main purpose of having a cosigner. The person is accepting equal resposibility for repayment of the debt if the primary borrower should default. Therefore a cosigner needs to the have acceptable financial status as required by the lender.


How do you get extra horseisle time for free without waiting?

You cannot receive playtime for free, without waiting or having a subscription. Sorry! - LadyMartingale :-)


How long after you file bankruptcy can you receive an inheritance without having to turn it over to the courts?

190 days


Accepted for apartment based on having a cosigner Now cosigner will not sign lease Can you get your deposit back?

Hell yeah the only thing non refundable is application fee & administration fee.


If you apply for an auto loan and have a cosigner will that decrease the amount of positive credit you get from having that loan?

Nope