Quote:
Originally Posted by Crazy Flamer
So I've been looking at getting a new vehicle and since my credit isn't the greatest, I've been thinking I will have to go to a dealership to get financing. I may have a co signer to lower the interest rate, but even with a co signer, I'm not sure a conventional financial institution would finance me.
But for the particular vehicle I am looking at, better deals can be found through a private sale. I know there are dealers that will finance almost anyone, although at a higher interest rate. Is this sort of financing available for private sales as well?
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I could be wrong, and someone please correct me if I am, but to the best of my understanding, if your co-signor has an extremely good credit rating as well as assets to protect the financial institutions investment, you should be able to get the financing regardless of your personal credit rating.
And I don't believe there would be any avenue to finance a private sale except through a bank with a loan/credit line, which you would again need the co-signor for (might be your best option though). You might be able to find some small institution out there that would give you a high interest loan, but the interest and terms would not be worth your while.