First time buyer interest rate, help!

Jaclin Kelly
0

Asked by Jaclin Jul 28, 2013 at 01:38 AM about the 2011 Nissan Altima 2.5

Question type: Shopping & Pricing

I'm a first time buyer with a cosigner
& a $2600 down payment. Can
anyone give me an estimate on what
my interest rate might be on a
$15,000/$16,000 car? & also, if my
mom cosigns for my car, can she
insure it under her name as the
primary & me as an additional driver?
I'm 18 years old & still live at home
with her. Please & thank you for all
the help!

8 Answers

Racer_X
13,375

The bank will look at your Mom's credit score primarily to determine the interest rate (but will look at your score too)....If she has a good score, you may get approx. 4-5% interest rate...higher rate, if score is mediocre to borderline bad. Just so you know, the reason for a co-signer is if you don't pay the car note, they will hold her responsible to do so (but I'm sure she knows this). As far as insurance, she can have you insured under her existing policy, which will save you $$$ (Multi-car discount), but not sure if she can be listed as primary driver, as technically the car will be in your name. The Nissan Altima 2.5 is a good car and a nice looking as well...Best of luck to you.

1 out of 1 people think this is helpful.
DavidH25
Not Active

Your Mom can only insure it on her policy if she is the registered owner, but can list you as a driver. You can have you name on the registration, also, but not alone, not just you as only owner, Mom must be "Primary Buyer".... With good credit Auto loans run about 5%, with not so good credit score as high as 9% or more. But with your name on the loan with Mom as co signer, make all payments on time and YOUR credit score will be established, off to a good start at 18

1 out of 1 people think this is helpful.
DavidH25
Not Active

Good morning RacerX, we were writing at the same time...and it seems we pretty much agree ...when you have a co signer that person's name automatically goes on registration

Racer_X
13,375

Good Morning, David! I know when I was just a bit older than our OP (around 21), I was insured under my parent's policy to save $$ since I was under 25. In my case, I didn't need a co-signer when I bought my first car, but they were able to add me without any problems.

1 out of 1 people think this is helpful.
DavidH25
Not Active

When you have a co signer, at least in California I know for sure that person's name automatically goes on registration .....that is because bank "holds" the pink slip and it makes it easier for them to go after Mom if you miss payment(s). I co signed for my son years ago and that is how it worked

DavidH25
Not Active

Yeah, when we were young and the economy in general was better, it was easier to buy a car..but during the 70's interest rates were obscene

Racer_X
13,375

LOL! I'm still young dangit ..Still have a baby face too...I was just "younger" back then! I wouldn't know about the 70's in terms of car buying /interest rates (Why were the rates so high then?) ....I bought my 1st car in the late 80's...a fabulous lemon known as the Pontiac Fiero, which I should have bought in yellow (instead of black)..lol. No tears were shed when Pontiac went out of business....We're saving the younger generations from buying garbage cars...and THAT makes me smile!

1 out of 1 people think this is helpful.
DavidH25
Not Active

The Carter Administration years (not blaming Jimmy, just a time frame reference) I bought my first house..in 1976..at get this: 11% on a MORTGAGE... perfect credit.Auto loans, 17% or more...but on the other end of that same stick you got 10% on passbook savings..now it's maybe 0.75 to 1%

Your Answer

Add photo

Related Questions

  • comany car? lower to the ground? HELP! 3 answers

    I am looking for a reliable yet sporty car for company use. I drive a lot of hwy miles. would you recommend the 05 Altima SE-R or the SL? Also is this car lower to the ground compared to other alti...

    2005 Nissan Altima

    -

    Shopping & Pricing

  • Exhaust Cam Broken - Pls help 1 answer

    Hi All, Some days back I started getting jerks while driving at lower speeds in my 97 Nissan Altima.. upon inspection found that the Exhaust camshaft has broken at the notches near the distributor en...

    1997 Nissan Altima GLE

    -

    Maintenance & Repair

  • car radio numbers do not turn on or they come on when car is restarted. Please help/advice 2 answers

    I've had my car for about 15 months and I stared having trouble with my radio. The numbers for the radio stations and clock first stared getting all blotchy, and now when i turn on my car or press a b...

    Nissan Altima

    -

    Maintenance & Repair

  • Car is acting crazy! 1 answer

    My car is acting all sorts of crazy the last day or so. The first time it did this I was able to turn the key on and off several times and crank it up. It cranked 2-3 times after that no problem... bu...

    2003 Nissan Altima 2.5 S

    -

    Maintenance & Repair

  • How do I report a scam on your page? 8 answers

    Here is the scam and after a tiny bit of research I found this all as a scam all over the internet... Thank you for contacting me about my 2006 Nissan Altima 3.5 SE-R that I have for sale. This car i...

    2007 Nissan Altima 3.5 SE

    -

    General

Altima
Looking for a Used Altima in your area?
CarGurus has 76,239 nationwide Altima listings starting at $1,000.
ZIP:

Search Nissan Altima Questions

Nissan Altima Experts

#1 Tom Demyan
Tom Demyan
Reputation 620
#2 tenspeed
tenspeed
Reputation 340
#3 Cassie Sapphire
Cassie Sapphire
Reputation 170
View All

Related Models For Sale

Used Nissan Maxima"
690 Great Deals out of 19,329 listings starting at $946
Used Honda Accord"
1,444 Great Deals out of 66,644 listings starting at $995
Used Toyota Camry"
2,020 Great Deals out of 75,810 listings starting at $1,007
Used Nissan Altima Coupe"
164 Great Deals out of 2,929 listings starting at $6,790
Used Honda Civic"
922 Great Deals out of 49,340 listings starting at $1,600
Used Nissan Sentra"
710 Great Deals out of 29,501 listings starting at $995
Used Toyota Corolla"
1,422 Great Deals out of 47,416 listings starting at $1,488
Used Hyundai Sonata"
1,200 Great Deals out of 50,017 listings starting at $1,600
Used Chevrolet Malibu"
1,718 Great Deals out of 64,608 listings starting at $1,200
Used Kia Optima"
575 Great Deals out of 37,391 listings starting at $1,900
Used Ford Fusion"
1,977 Great Deals out of 68,320 listings starting at $3,450
Used Dodge Charger"
830 Great Deals out of 30,098 listings starting at $2,950
Used Chevrolet Impala"
1,756 Great Deals out of 55,005 listings starting at $999
Used Nissan Murano"
505 Great Deals out of 16,179 listings starting at $2,999
Used Acura TL"
312 Great Deals out of 6,380 listings starting at $1,000

Used Cars For Sale

2014 Nissan Altima 2.5 For Sale
31 Great Deals out of 852 listings starting at $14,850
2013 Nissan Altima 2.5 For Sale
96 Great Deals out of 1,497 listings starting at $12,990
2012 Nissan Altima 2.5 For Sale
82 Great Deals out of 1,297 listings starting at $10,250
2011 Nissan Altima 2.5 For Sale
72 Great Deals out of 877 listings starting at $8,989