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Show me another »Where can i get auto financing with co-signer but insurance on the principal applicant only?
I have limited credit score so my dad is co-signing to get my auto financing application approved, but i need the insurance on my name only? is it possible?
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Well, if the COSIGNER is NOT a co-owner, then anywhere. But if the cosigner is also CO OWNER, then they can be sued, regarding your car! That means, they need to be INSURED for the damage the car does!!
If you don't want him listed to DRIVE your car, you can always specifically exclude him from coverage.
But, if you need a cosigner for the loan for your car, most likey, the insurance is going to cost you more than the car loan, and if you have an accident the first two years, your car won't be worth as much as your loan payoff.
Borrowing money for brand new cars is a dumb financial move. The second you drive the car off the lot, it depreciates AT LEAST 20%. Unless you put 20% down on the car, that's going to come back and bite you in the rear.
If you don't want him listed to DRIVE your car, you can always specifically exclude him from coverage.
But, if you need a cosigner for the loan for your car, most likey, the insurance is going to cost you more than the car loan, and if you have an accident the first two years, your car won't be worth as much as your loan payoff.
Borrowing money for brand new cars is a dumb financial move. The second you drive the car off the lot, it depreciates AT LEAST 20%. Unless you put 20% down on the car, that's going to come back and bite you in the rear.
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