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With a cosigner that has at least 670-690 credit score and about $2,000-$3,000 down you should be able to get into a new FRS. A 5 year loan at 5%-%7 would get you in the low $500 payment. You can have your payment in the mid $400 if you do 72 months. The banks right now are willing to take more risk to earn your business. Go to one dealer and find out where you and your cosigner credit is at and use that for your game plan. Even if you don't buy from them us what you know about both credit for the next dealer ship. Why I'm telling this is because each time you go make a deal they run your credit and each time they run your credit and it is denied it looks bad. Just use what you know and tell them to get you a quote based on what you told them and if it is what you like then they can run both credit for finalizing your buy. Do your homework before you go don't settle until you get what you're worth. Also cash money is your ultimate power the more money you put down especially first time buyers the more the banks will play ball with you. For an example if you put $3,000 down on $25,500 %7 tax and fees bring it to (%7 interest rate) $27,820 -$3,000 down =$24,820. At %7 interest rate of $24,820 that brings $1,737.40 interest charged. So as you can see imo $3,000 more then covers declined value of the vehicile and the interest. Try try don't get discouraged. Sorry if I got carried away or if I made any mistakes to my guesstimate, please all members chim in.
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