brians4138 asked:
I am in the market for a used auto loan but have been turned down from all the agencies I have tried due to having a large debt to credit ratio from my student loans. How much will a cosigner effect my debt to credit ratio? I make around $31,000 per year and have loans totaling nearly $80,000. How much will a cosigner have to make to help me out?
I am in the market for a used auto loan but have been turned down from all the agencies I have tried due to having a large debt to credit ratio from my student loans. How much will a cosigner effect my debt to credit ratio? I make around $31,000 per year and have loans totaling nearly $80,000. How much will a cosigner have to make to help me out?
that all depends on their debt to income ratios as well.The more they earn and the less they owe is the main factor
Your D/C ratio remains the same. They will look at the cosigner’s separately. Do everyone a favor and don’t use a cosigner. If you default on the debt, it’s on them. Given your massive ratio, getting another loan is a bad idea anyway, as evidenced by everyone not giving you one.