Alright, so I have good credit and I am getting someone to co-sign with me that also has good credit. I am downing 7,500$. The car is priced on the internet for 24,900$ (has 23k miles on it; good-great condition). I checked its vehicle history at carfax and it has been on the LOT for almost three months now. To add, the dealer bought it at an auction. I know carsalesman makes the most off used cars, so I am trying to get my money's worth to the amount I want to be able to finance that I can handle. So how much do you think I can get for him to lower the car down from its original price of 24,900$? Any tips and advice are welcomed.

 

its not a salvage title? The price is not bad.

 

nope not salvaged

 

So I spoke with a dealer today, told him bout that someone is going to co-sign. I ask him, "When someone co-sign, does it lower apr?" He said, "no, it only boosts you up to be able to get you a loan." I know that is true but how about the APR? If you get someone to co-sign with you. Does that lower APR too?

 

I found this really really interesting. So, I was planning to buy a 03' Infiniti G35 Coupe w/ 23k miles on it. The price on it is 24,900. You told me wholesale price should be around 15-18k 2003 MT. So basically this should be around 16 - 20k whoesale. But he listed for 24.9k, and I was hoping if you could help me. Can you give me any tips on what to say to negotiate? I'm a first time buyer and I don't really want to pay full price for the car. Again, if you can with your experience, can you give me any advice on what to say to negotiate with the dealer? I'm hoping to cut down the price.

 

First of all, Having a co-signer does not dictate the APR, what will help the most is going through a credit union, not through the dealership. Next thing, there is a law saying they cannot negotiate a car down just because you are paying cash, but you can find a way to offer less to have the price drop (i would offer 15% less than asking). Offer 15% less and go from there, tell them you have all the financing arranged and you can sign on it that day if they agree. An easy sale is worth it to them even if they make less money.

Just my .02

=Xaerran=

 

with most dealers.. .the co-signer will dictate the APR indeed because it will based the loan off the co-signers credit history. 10 timesout of 10, If one needs a qualified co-signer, the co-signer should have better credit. most of the time, it is only reported to the credit bureau on the co-signers records not the original applicant.. but i would go to the credit union for 2 things... lower rate and the record being applied to your credit report... im a REP II for a credit union is how i know this.

 

Can you guys give me any websites to credit unions? Or PM me if you can with the sites if its against the rules here. Again, I am a first time buyer and I'm only 19. But I have good credit (697 - 706). And any advice on credit loans? Should I get someone to co-sign with me on the loan too?

 

Here in Cali, there is no such thing as "co-signer" anymore. What they do now is whats called a "co-applicant" loan. Basically meaning that both individuals would be co-owneres of the car. Atleast in title. However, the person with the highest credit score will be the person ultimately responsible for payment.

I'm curious, did you at all attempt to lease the car versus purchasing it?

 

No, I never thought about leasing. I want to purchase it. So you are saying the person with the highest credit score will have to pay off the car? Not me? If I am the main person who wants to buy the car? So the APR will run off my co-applicant right?

 

The person with the higher credit score will be signing the bill of purchase and the one who will be responsible for making sure the car is paid. In a sense, that person would be the technical owner of the car.

The only reason why someone would want to get a co applicant/signee is because they wouldnt otherwise qualify for a loan or to try to get a lower apr. But, if indeed your co applicant had the higher credit score and was the less risk, yes the apr would be based on the co-applicants credit history and not yours.

Its kinda a catch 22.