What credit score is required to get a loan on a car?

[Huntn]

Only extremely close people get to have me as co-signer

I know someone (UN-named) who was very close relationship wise, who asked for help with a school loan, which I agreed to co-sign, it was not a huge amount, yet near the end for no particular reason with about $600 left, she stopped paying, and I had to finish off the loan. My wife intervened so no confrontations ensued, but it was a cheap lesson learned, fool’d me once. Several years later she asked if I would co-sign on a house haha, no thanks. The house they got into is now being foreclosed on if they can’t get it sold.

 

[jav6454]

I know someone (UN-named) who was very close relationship wise, who asked for help with a school loan, which I agreed to co-sign, it was not a huge amount, yet near the end for no particular reason with about $600 left, she stopped paying, and I had to finish off the loan. My wife intervened so no confrontations ensued, but it was a cheap lesson learned, fool’d me once. Several years later she asked if I would co-sign on a house haha, no thanks. The house they got into is now being foreclosed on if they can’t get it sold.

Well, in my case the person I have a close relationship is quite responsible in every aspect of life. This was years ago and he eventually paid it off early (way earlier than I expected). Goes to say if he ever wanted another co-sign from me, and depending on the amount and for what, he'll be pre-approved for me.

 

[Huntn]

Well, in my case the person I have a close relationship is quite responsible in every aspect of life. This was years ago and he eventually paid it off early (way earlier than I expected). Goes to say if he ever wanted another co-sign from me, and depending on the amount and for what, he'll be pre-approved for me.

I have loaned money to other relatives, in the $5-10k range, who have paid me back.

 

[jav6454]

I have loaned money to other relatives, in the $5-10k range, who have paid me back.

No relatives on my end. I have found them to be in that regard not so responsible.

 

[Apple fanboy]

Never loaned money to anyone. Gifted money to a few people. But that’s different.
Never a Leander or a borrower be as the rhythm goes. That was how I was brought up.

 

[jav6454]

Never loaned money to anyone. Gifted money to a few people. But that’s different.
Never a Leander or a borrower be as the rhythm goes. That was how I was brought up.

For me usually I was told, if someone asks to borrow $20 and they don't pay you back, best $20 ever spent.

 

[Apple fanboy]

For me usually I was told, if someone asks to borrow $20 and they don't pay you back, best $20 ever spent.

Tbh no one I know would even ask. I don’t have those sort of friends.

 

[jav6454]

Tbh no one I know would even ask. I don’t have those sort of friends.

I do, as it's a culture thing coming from Central America. People will sometimes ask for a small borrow and repay quickly no biggie. Other times, you'll weed out the ones that don't.

 

[Mousse]

A happy wife is a happy life.

Happy wife = longer life.😉

Just the other day, my wife talked with a Gypsy psychic. The psychic, after the whole looking into the crystal ball schlick, said to her, "Your husband will die a violent death within the next 3 years." A look of concern crept across her face. She leaned in and asked, "Do I get acquitted?"😱😱😱

Never loaned money to anyone. Gifted money to a few people. But that’s different.
Never a Leander or a borrower be as the rhythm goes. That was how I was brought up.

Neither a borrower nor a lender be,
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.

translation for those who don't speak Shakespeare:
Don't borrow or lend money.
Often times, you'll lose both the money and the friend.
Borrowing makes you bad at budgeting.

Laertes! You're alive. I thought you died in the duel with Hamlet.🙃

 

[terrybraswell]

Pretty much any. It’s the interest rate you’ll pay with a low credit score that will kill you. You’ll want to be in the 800 range to get the best rates. If you aren’t, find a way to live within your means and pay cash.

I agree with you. The majority of US lenders will finance almost any credit range for an automobile because it would be a secure loan. In essence, the bank will take their automobile back if they don't pay the debt. In addition to a number of other criteria, your credit score will affect the interest rate.

 

[M5RahuL]

As someone who has been on both sides of the table (loans - auto/home/commercial ) .. If you're credit isn't the best ( i.e. < 720 ) and the loan amount ( this applies to autos ) is greater than $30K, ask for a ' large loan discount ' on the rate The F&I have enough padding to lower your interest rate by 2% ( or in some cases up to 3% )