Hey

so im close to buying a used g35. i have the deposit down. i just need to take care of my financing and insurance.

i have a question. my dad will co-sign with me on the car loan so i can get a better interest rate. Whos name will the car be under? his or mines? both? is there a primary name and if so who will that be?

im asking because i want to know if i could get insurance with his name as the primary policy holder and i could just be under his name for the insurance. thanks

 

Assuming your dad already has insurance, and you are currently a driver on his policy, the first name on the title should be his. The car can be added to his existing policy. If you want to get your own policy, your name should be first, and your dad should be added as an additional driver. If you need a quote, and live in SoCal. let me know.

 

hey thanks

i guess my question is when my dad co-signs on a car loan for me whos name will be on the title? his and mines? im asking this because your name has to be on the title to be the primary policy holder on the insurance. I would of course want his name as the primary policy holder cause if i had to be the primary policyholder it be so much more expensive =(

i guess this car could be added to his current insurance and i could be added to it but wanted to know if i could do the above.

 

If your dad co-signs, his name will go on the title first, unless you don't want him on the title -- I've asked a bunch of people the same question. Now, the Infiniti fin. manager explained to me that the title and the loan are not connected and the co-signer doesn't necessarily have to be a co-owner (so if you hit someone, God forbid, no one can go after him because he's only financially liable for the payments).

 

ok thats good to hear.

is it true that having a co-signer with good credit doesnt help you get a better interest rate. that it just allows you to get a loan.

also i will be making all the payments. for the car and the insurance. i just need his name on both to get better rates. i could use my bank acct that's under my name to pay the monthly payments for both right. i dont want him havign to deal with anything. just need his name and thats all.

thanks alot. cant wait to get all this stuff out of the way and pickup the g.

 

It's true that if your dad has the better credit and he co-signs for you, you will get the loan based on your credit score. If he is the one purchasing the car with you as a co-buyer, his credit score will determine the interest rate.

One thing to look out for though. If you're trying to establish credit, you're better off having your dad co-sign for you.

 

f*ck

what kinda of interest rate should i expect then? i tried getting my credit score from equifax and they couldnt even give me one because i had a thin file.

is it gonna be something totally high from a dealer. ill be fine with 8%

 

and yes i intend to have my dad co-sign for me but i thought by him doing so i would get a better interest rate. i guess not =(. what can i expect to pay in ters of interest rate from the dealer with my dad as a co-signer.

i have no credit cards and no credit hisotry. i couldnt even get a credit score because my file was thin.

what are my other options?

thanks!

 

I'm not too sure about the rate you'll get, but you'll probably be looking in the mid to high teens. If you want to build your credit up, take the higher interest, pay it for about 10 months, and get another loan to pay it off at a lower APR. You may want to check with your parent's credit union, if they belong to one, and see about getting a loan through them if you don't want to suffer with the higher rate. Either way, if you don't have any credit, be prepared to pay.

 

Some friendly advice, this is a really dumb and expensive way of trying to build up your credit, really dumb.

 

thanks alot of all the advice guys.

i make enough to cover the monthly payments. from what im hearing i guess i should be happy if i get 10%.

it is a stupid way of building credit but it was my fault for never applying for credit cards and building my credit when i was younger. i could do that now but i reallly want this car and i just cant wait anymore. you think after a year of making my payments on time. i could then get a loan with better apr and refinance. or are we looking at 2 or 3 years of that.

thanks. im pretty sure how all this stuff works now. thanks alot guys!

btw i put down a deposit on a used 04 g35 coupe silver/blk fully loaded with nav for 29k. is that a good deal in nyc?

 

With no credit history I would be surprised if you got 10%. After a year of payments your credit report should report a score, but that doesn't mean you're entitled to a loan or a respectable interest rate. One line of credit isn't substantial enough to determine whether or not someone is "really" credit worthy. Also keep in mind that refinance rates are inherently higher than purchase loans. I think refinance rates to day are closer to 7%.

My advice is to have your dad be the buyer and you a co-buyer. That is if he's willing to. You'll get his interest rate, which solves that problem. Then go to your bank (like 30 seconds ago) and get a secured credit card. Limit it to about $200, and use that card for gas only and be sure to pay off the balance every month. Eventually you'll be able to make it an unsecured card and raise the credit limit. Companies will soon be throwing credit cards at you. Accept two more... use them occasionally always paying off the balances, and next time you want to buy a car you'll be good to go.

 

If my dad was the buyer and i was the co-signer. what does that mean besides we'll be getting his interest rate. would that help my credit at all being a co-signer only. whos name would the car title, registration be under? his or mines? or both? if he was the buyer could i have it so that it autopays from my checking acct to pay for the monthly payments. i dont want to have to give him cash and he then would have to put into his acct or write him a check if we do invoice by mail.

if he was the buyer and i was the co-signer and something came up that we had to go to the dmv will he be the only that could go. or since my name is on the title too i could handle all that.

sorry if i keep repeating my questions. im coming back to the dealership on monday and i dont want to be totally clueless.

it sucks not knowing anything abbout a particular subject but you guys have been really nice. thanks again

 

Get away from the idea of co-signing if you want a good interest rate. My guess is the dealership will laugh at the idea of you co-signing for your dad. It is completely pointless if he has credit and you do not..and thats if it's even possible.

If you both purchase the car, you as the (co-buyer/co-owner), both names will be on the title. Which means thats you have all the power he does to go down to the DMV or anywhere else, with or without him. The loan, is something completely different. For you to get his interest rate, you will have to be a co-owner and unless you're on the note (which might be difficult anyway) it will not build you any credit. As far as the auto payment from your checking, I don't think that will be an issue. The loan company will require a voided check/deposit slip, and a signed ACH authorization form. Where the money comes from is a distant concern as long as they have permission. Worst case...if they didn't allow it (again, unlikely) you could send in the payment every month by check, and that I guaranteee will be taken as payment.

Buying a car isn't the only way to build credit. Go get a secured credit card, it cannot hurt.

 

ok so 4get bout building credit thru this car. ill go and get a credit card like u said.

when i go back to the dealership, i should tell him that both me and my dad will be buying this car. me being the co-buyer/co-owner. They will use his credit for the interest rate. i would also be put on the title. so basically the car is both his and mines. both equally.

is that right? haha