I don't have a credit history so I need a co-signer. She has prime credit and from my understanding, the national average for prime credit is 4.99% for a used vehicle over a 72-month term. I've heard mixed answers from acquaintances regarding whether or not the interest rate is based on the co-signer or the purchaser. If based on mine(purchaser), it would put me in the national average bracket of 18% interest. So my first question is:
Are the interest rates based on my credit score or my co-signers?
Second question:
Based on these calculations below, is this what I should expect to pay if based off her prime score?
The Price of the vehicle goes as follows:
2016 Ford Fusion Energi Titanium (68280 Miles)
Sale Price: $13,200
Tax: $604.76
Doc Fee: $799.00
Fees: $59.75
Net Price: $14,663.51
Net Price + 4.99%: $16,931
72-months = $242 a month
Third question:
Can the dealership refuse these terms and suggest higher interest even if based on prime credit? if so, what would be the maximum interest rate I should be willing to accept that isn't out of the ordinary for this purchase?
I'm going to finalize things (hopefully) tomorrow and I just want to be prepared, any insight or advice is super helpful.
Submitted January 24, 2020 at 09:34PM by ActuallyPathless https://ift.tt/36rdT0u
