I have a higher credit score than my cosigner. But my cosigner has a low score but more history.?

I've been trying to get a car loan but i keep getting denied. My credit score is 720 no blemishes. The problem is i have only one year of history and 1 month of loan history. Not enough to get a loan. So I still need a cosigner. But the only person who can cosign for me is my mom who has a credit score of 560. Shes is a homeowner. The only reason her score is low is because of my student loans and a some late payments. No bankruptcys or collections or anything like that. Would it be worth a try to apply for a loan with her as my cosigner, or would they deny it because she is already overextended?

Public Comments

1. If mom is all you have, all you can do it try and see what happens. The requirements drop as you have less to finance. Bigger down would do that, so would getting a cheaper vehicle.
2. Auto finance is what I do for a living and it will depend on several things, does your mom work, how much doe's she make, do you work and how much do you make, doe's she budget for the payment? The only way to know for sure is to go to a dealer and fill out a full credit application and talk to the finance manager.
3. There is more criteria than just credit when determining an approval. Lenders will look at your income after your bills in relation to the vehicles payment <AKA Debt-to-income> as well as the actual cost of the car compared to its retail loan value <AKA Loan-to-value>, If those are in line, then they will look at your Mom to see if she would be able to afford the payments in the event you default from the loan. The only true way is to actually find the vehicle you want, then talk with the finance manager, or you can go to your bank/credit union and see if they will approve you. Different lenders have different criteria as far as who will be first on the loan, which can change your interest rate. I hope this helps and you can email if you have questions. http://www.theautoevaluator.net/Resources.html