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How much does a cosigner help in my auto loan?

I have a credit score of 700. My grandma has a credit score of 800+ because she owns her house and she’s never been late… neither have I. Will she cosigning me help me get an auto loan even cheaper? I can get like 10% but I want to go lower. My grandma is retired by the way, so her income is her social security, but she lives comfortably of her 401 and some other retirement funds.

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  1. roger says:

    a cosigner makes a huge difference by combining thier income with yours this will help get you a lower interest rate, and your credit rating will reflect you making the payments. Its a win win for you both, as long as you dont mess up accidentaly or otherwise, as a suggestion, try to get ahead of the payment schedule, you can save interest in the long run by paying the principal down early.

  2. a says:

    Do your relationship a favor and don’t have her co-sign. As a co-signer she is responsible for payments if you don’t pay. They will take the little money she has to pay off your loan. No car is worth doing that to your grandmother. A credit score of 700 should qualify you for a loan directly from the car manufacturer. Those tend to have much lower rates than 10%.

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