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
13,045

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
13,045

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
13,045

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

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 73,620 nationwide Altima listings starting at $795.
ZIP:

Search Nissan Altima Questions

Nissan Altima Experts

#1 Tom Demyan
Tom Demyan
Reputation 580
#2 tenspeed
tenspeed
Reputation 340
#3 Cassie Sapphire
Cassie Sapphire
Reputation 160
View All

Related Models For Sale

Used Nissan Maxima"
710 Great Deals out of 20,223 listings starting at $946
Used Honda Accord"
1,507 Great Deals out of 76,591 listings starting at $1,000
Used Toyota Camry"
2,116 Great Deals out of 76,267 listings starting at $999
Used Honda Civic"
910 Great Deals out of 48,703 listings starting at $1,295
Used Nissan Altima Coupe"
177 Great Deals out of 3,010 listings starting at $6,900
Used Nissan Sentra"
685 Great Deals out of 28,641 listings starting at $995
Used Toyota Corolla"
1,387 Great Deals out of 46,915 listings starting at $990
Used Hyundai Sonata"
1,206 Great Deals out of 50,097 listings starting at $990
Used Chevrolet Malibu"
1,698 Great Deals out of 62,856 listings starting at $750
Used Kia Optima"
551 Great Deals out of 36,551 listings starting at $1,900
Used Ford Fusion"
2,010 Great Deals out of 72,047 listings starting at $1,800
Used Dodge Charger"
821 Great Deals out of 29,995 listings starting at $3,900
Used Volkswagen Jetta"
1,046 Great Deals out of 43,920 listings starting at $1,595
Used Mazda MAZDA6"
283 Great Deals out of 12,942 listings starting at $2,499
Used Nissan Murano"
509 Great Deals out of 16,697 listings starting at $3,999

Used Cars For Sale

2014 Nissan Altima 2.5 For Sale
28 Great Deals out of 1,071 listings starting at $15,904
2013 Nissan Altima 2.5 For Sale
94 Great Deals out of 1,588 listings starting at $12,498
2012 Nissan Altima 2.5 For Sale
89 Great Deals out of 1,404 listings starting at $9,092
2011 Nissan Altima 2.5 For Sale
75 Great Deals out of 968 listings starting at $9,913