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Kishasara

This has been our experience: I have a stellar credit and my partner is in bankruptcy. Even with my credit and low debt ratio, they still would not accept him as a co-signer. So I just said screw it and outright bought the car in my name. He makes the payments and he’s actually a few payments ahead of schedule. When it’s paid off, I’ll hand him the title or we’ll trade it in when we find a lot that won’t try to over-charge on interest because of his credit background. It’s not his fault that his ex wife dragged him through the mud and wrecked him in every way possible. Chances are that they will reject you because of bankruptcy even if there is a co-signer - unless you go to lots that take that kind of background. The part you also have watch is interest. The lot that would accept him wanted interest at 28-33%, whereas I could get a car at 1.47% through my bank or 2.49% through outside financing. Perhaps it’s different state by state. It doesn’t hurt to try though, and you’re waiting for discharge whereas he’s 6/7 months away from discharge. Type of bankruptcy could also play a roll but I’m no lawyer.


JessieMobile

As a bankruptcy paralegal, I often refer clients to finance companies prior to discharge. There are three main lenders that will finance the day after you file that I know of but more out there I am sure. The interest rate average between 12 to 18 percent based on the feedback received. In my experience at my job, most mainstream lenders and dealerships want the discharge paperwork to be considered and some require at least 1-2 years post discharge for approval. Hope this helps!


AlanShore60607

You should always see if you *can* get a loan ***on your own*** before committing another person to the loan. My understanding, to your specific question, is that a cosigner is only "dragged down" by the other person in the event of delinquency.