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Can a cosigner have good income but bad credit for a car loan?
Can a cosigner help me get approved for a car loan if they have a good income but poor credit? I want to get a car loan but I need a cosigner. The only person willing to do so is my mother. While she makes a great income as a nurse, her credit score is poor.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It all depends on the lender.
Typically, they’re only worried about the cosigner having good
credit
. Because you’re the main borrower on the loan, you will be primarily responsible for paying monthly.Someone with good income and bad credit can still help you get approval. Just don’t be shocked if the interest rate is higher for this particular
car loan
.View full answer
- Gregory R.
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