Buying car on no/bad credit?

My husband and I just finished University and are starting out in our careers. We both went to school for 6 years (we have our Master%26#039;s degrees) and now we are deeply in debt, but capable of paying our bills now.

We need a new car, as the one we%26#039;ve had is falling apart (it%26#039;s 12 yrs old and has 421 000 kilometres on it).

So we went to a dealership to purchase a new car. The payments are awesome... 155 bi-weekly, with 1.9% financing.

However, after doing a credit check on my hubby (who is the only one putting his name on the car), they want his father, who offered to cosign, to be the owner of the car.

We know that our student debt is not helping the situation, but we can%26#039;%26#039;t change that.

What can we do? We want to be the owners of the car. His father%26#039;s girlfriend is trying to convince him not to get involved, which is unfair, as we are good people.

Any advice?

Buying car on no/bad credit?

Never get financing for a car from the dealership itself: they usually have high rates of interest and you will always get a much better deal if you approach a bank for a loan/financing package instead. banks tend to offer lower interest rates on these things and it always feels a bit more secure than using the finance company that the car dealership selects. banks may also be more willing to talk about your situation and your credit rating and from my experience they have been more helpful and understanding. in the end you may have to settle for a less expensive car than you would like but if you and hubby are both post-grads you will be earning good money within a few years and can save to buy a better car then.

Buying car on no/bad credit?

Go to a local Credit Union and get a pre-approval. Their rates are normally lower than banks or other captive finance companies. You will find that the employees are friendly and knowledgeable.

Buying car on no/bad credit?

Maybe you can try below website to get the information you need. It%26#039;s about bad credit car loans articles for your second opinion.

Buying car on no/bad credit?

I don%26#039;t know where you are but Ford offers a college grad program wilth little or no money down. I would try another dealership.