If you actually know the correct answer to this, please him regarding consigning?

[Hispanic-Cool-Guy]

I make enough money to make my car payments on a $30,000 loan. I plan on using my grandma's credit as my co-signer but she's under a fixed retirement income and doesn't make much but she does have good credit.

Will the bank still grant me the loan on behalf of my grandma or no? Does the amount she makes on a fixed income stop the bank from the loan even though she has good credit? Thanks.

[007kingifrit]

they don't just look at credit, or income, they look at all of it.

i was denied a credit line increase recently even though my credit score is like 890 and i just got a new even higher paying job because "you don't spend enough"

[Hispanic-Cool-Guy]

Credit shouldn't matter if I offer a big down payment?

[AviatorTom]

It really depends on the bank's specific policies. They want to ensure that the loan won't go into default, which means that, if you don't make the required payments, can she make them. Chances are, since her credit is good, the loan would be approved, but the only way to find out is to go to the bank and ask them. Whether either of you are the bank's regular customer can also affect the decision.

[EmmaMary]

I would think the chances are extremely remote indeed... Based on the fact that should you ever default for whatever reason, the bank what not be able to make a claim against your Grandmother on account of her fixed income.

[EmmaMary]

*would not*

[Hispanic-Cool-Guy]

But they can always retake the car back if I don't pay?

[EmmaMary]

The first port of call the bank would make will always be your Grandmother.

Also the car will have probably depreciated well below the bank loan.

[EmmaMary]

Thank you for the MHGirl.

[Redstang88]

Every situation is gonna be different, impossible to say for sure.
Your income, job history, credit and assets are still the main factor. Just because you think you can afford it doesn’t mean the banks will agree. And a co-signer is just an emergency backup, banks don’t want to rely on that. Even the vehicle you’re buying will play into whether or not you get it

[Guy13]

It is doubtful, however, two names on a loan is always a welcomes prospect my banks and landlords. Both may be the solution.🤷🏻‍♂️🤷🏻‍♂️ Ask a banker or attorney for legitimate advisement

[Stoner710]

No bank is going to make a loan at this time because the economy is so fucked.

under normal times yes he would be able to get it a loan if one of you has income.

[Texaskid1]

I think what the bank looks at is the credit score per se not how much someone is pulling in.

[exitseven]

I depends on how bad your credit is.