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Originally Posted by drewboy12
co signer for a line of credit, cheaper interest rate.
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This works for very few people.
Most people max out the line of credit and sit paying interest only.
Most people need the structured loan.
For the record, our used car loan rates are lower then our unsecured line of credit rates because one is repaid and secured with an asset when the other is not repaid nor is it secured.
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Originally Posted by kipperfan
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.
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This is correct. If you need a cosigner, then the loan is a joint debt that is granted based on the "cosigner's" credit worthiness.
As for the original poster, it would be interesting to see how bad your credit really is. I have seen several people who allegedly have bad credit, but actually okay to lend to. If you have no credit, which is different then bad credit, then you can ask utility companies to write you letters stating you have made payments as agreed and hopefully your financial institution will accept that as a credit history. I know our Credit Union would.
Hope that helps.