Hi, I intend to take out a co-signed used auto loan with joint application by my parents, who have an excellent credit history, while I, being newly 18, will have close to none when the time to apply for the loan comes.
Because of this and my age, I can expect an at least slightly higher APR than if my parents were applying alone – is this correct?
Also, is there any way for me to get a good range of the APR to expect with all these variables beforehand (before applying, e.g. asking about it in a visit to the bank/credit union for something else)?
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Auto finance is what I do for a living and it depends if you let the dealer do the financing you can most likely expect a higher rate but if you go to your parents own bank or credit union especially a credit union they tend to base the rate off of the person with the higher score.
This way you could go in as a cash shopper and not only get a better deal but this would stop the dealer from marking up the interest rate and making more money and raising your monthly payment.
Good luck.
Arrange your own financing through your bank or credit union.