I’m trying to purchase a lightly used vehicle. I have good credit with no mistakes, but I only have about 1 year and 3 months of perfect credit card history. With limited history I need a cosigner. Now, if I find a cosigner, after about a year or two will I have enough credit history to refinance my auto loan and have no cosigner? Or will there always have to be a cosigner until the loan is paid off?
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i know u can refinace but i dont know the exact time. it might be like 18 months or something
That’s impossible to know. What will the vehicle be worth and how much will you owe a year from now? What will the economy be like? Will banks be lending? Will your income be the same?
first one is the toughest/pay for it and then go for yourself
With the way that auto loans seem a challenge to get these days. The online places are good and often more flexible.
Ive been told this site is good http://auto.deal4-you.com
What Mortimer said.
There is no time where you can just refi. If you go to a BHPH lot and get a $2000 car for $9000 somehow, you’d never get out from underneath that loan so you could refi.
You buy a car worth $5000 for only $3000, you can refi ASAP, but you’d still have to qualify on your own.
Cosigner stays for the length of that loan…how else would the loan get approved?
Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carquotes.sinfree.net
I would check out http://loanrefinanceadvice.com/ They have a ton of great info on how to refinance your loan for a lower rate, refinance laws and rules, and everything to do with refinancing a loan.