I know all banks are different and some are more stringent than others, but say I’m looking at an auto loan and I need a co-signer simply because I’m in college and I haven’t had my credit that long to have my “credit file” big enough, with no real loans except a small credit card and student loans. Obviously a lot has to do with debt-to-income ratio. Thanks for your help!
What Is The Minimum Credit Score A Co-signer Must Have To Get Approved On An Auto Loan?
January 26th, 2010 by Home Loans Leave a reply »
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Auto finance is what I do for a living and to get any kind of decent rate the co-signer needs to be at least a 640 or higher.
Anything below 625 is considered sub-prime and will not qualify for a co-signer.
Good luck.
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I think it is very heplful for you.
Good luck !
Most banks are similiar
However, there are secondary financing companies that will finance lower scores, you just pay higher interest. No matter who finances, the car has to qualify just as much as you do
Each lender is different – as you say. Probably at least a 680-700 FICO is reasonable to expect.