im about to purchase an Evo but due to my average credit I didnt qualify for the 0% and i got 3.9% instead....if I have my fiancee to co-sign with me on the loan I think I can get the 0%...but my question is, if she co-sign with me she would become a co-owner of the car right? and i would have to put her name on the insurance? i ask that because she doesnt have a clean driving record and if her name goes on my insurance i'd have to pay alot more.....some advice please

 

That's bad juju all around. First, it will be very dangerous for both of you to enter into a co-signed loan when not married. The potential ramifications of that are scary. Next, if you don't have great credit, you probably shouldn't be buying an Evo, unless you're one of the few who makes a ton of money, but just has average credit from one bad thing that happened in the past. Third, whether or not you have to put her name on the insurance now, when you get married, it all gets tossed together, and you will both suffer on all your cars for her driving record. My wife got in one accident this year, and it was in a damn car wash that malfunctioned, but since they have the disclaimer sign out front, it was considered "at-fault" to her. Just because of that, not only did the annual premium on her Lexus double, but so did MINE, and I have no accidents or tickets as a 30yo. I was irate, but I lost every argument and appeal. Anyway, it doesn't sound like a good idea for you either way...

 

first, thanks for the advice....so her name doesnt have to be on my insurance if I co-sign a loan with her now right? and when we're offically married, the insurance company will somehow find out and increase my premium?

 

I'm not sure if her name will have to be on the insurance as a co-signer of the loan...you'll have to call and find out.

When you get married, they won't "somehow" find out. You will report to them that you are married and have joint insurance, unless you plan on getting married and keeping everything separate. I'm not familiar with such a thing...

 

3.9% does not suck at all! Bargain to a good price and just go for that deal.

 

take what you can.....3.9% isn't too bad either....

 

No, you dont have to put the cosigner on your insurance. Yes, they become a coowner of the car. Also, when you go to sell the car she will need to sign the title since she's a coowner.

I had my mom cosign on a loan awhile back because I had *zero* credit (never had a credit card prior to applying). She actually became the primary owner and I was the secondary owner but Im not sure how that is decided. It is possible they make the person with the better credit the primary so in your case your fiance would be it.

 

Bad credit and buying a $30,000 car. I guess that's the American way. Glad I never went that route and stuck with used beaters most of my life.

 

I'm with Warrtalon on this, it's a BAD IDEA. . . I was in a similar situation, I was living with my fiancee at the time and I had flipped over her SUV and we were purchasing a new one, but her credit sucked, so I had to be the primary and she was the secondary, like you. However, things didn't work out, we split up recently, and there's this WHOLE debacle about who's paying what to whom when, and who the **** owns what, it's a PITA. If you're married, do it, otherwise, I'd bite the bullet with the 3.9%. . .I mean CRAP, that's really good anyways. . . .
In so far as insurance goes, it depends on the state, but right now, her SUV is on my name but we are not on each other's insurance policies. . .if you live together, which you might, you might have to be on each others insurance policies regardless. . . .check with ur insurance. . .I'd just get the car in your name @ 3.9%

 

3.9% isn't bad, in fact it's better than the average credit...average credit should land you around 5% for a new vehicle...it's just that there are a lot of special programs going on now; thats why the interest rate is lower for qualified people....now if you're paying 10+%, you don't have the best of credit...

 

my dad co-signed for me

and yes his name is on my insurance card

 

Credit shouldn't have too much of a bearing on whether you should buy a $30,000 car or not. If you can afford it then you can afford it. Obvioulsly you will pay for it on the interest.I know a few people who have below average credit from when they were younger but now can easily afford a car loan.

 

Yeah, the rate is still good, but my point was more along the lines that someone with bad credit is probably not in a financial position to be spending $30,000 on a friggin car. It might be wiser to spend the money on a rental property or save it.

 

I dont have bad credit...my score is still above average, its just that the 0% deal requires excellent credit.....and now that I graduated and got a job, i can afford a $30,000 car

 

LOL !!! 10.2 here!!