First time buyer interest rate, help!

Asked by 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


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 of 1 people found this helpful.

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 of 1 people found this helpful.

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


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 of 1 people found this helpful.

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

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


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) 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 of 1 people found this helpful.

The Carter Administration years (not blaming Jimmy, just a time frame reference) I bought my first 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 it's maybe 0.75 to 1%

Your Answer


Looking for a Used Altima in your area?

CarGurus has 67,282 nationwide Altima listings starting at $750.

Get More Money for Your Car
Be seen by 20 million shoppers. Create Your Free Listing

Nissan Altima Experts

  • #1
    Tom Demyan
  • #2
  • #3
    Cassie Sapphire
View All

Related Models For Sale

Used Nissan Maxima
235 Great Deals out of 17,856 listings starting at $1,995
Used Honda Accord
529 Great Deals out of 93,656 listings starting at $1,495
Used Toyota Camry
787 Great Deals out of 71,592 listings starting at $175
Used Honda Civic
341 Great Deals out of 52,141 listings starting at $1,200
Used Nissan Sentra
478 Great Deals out of 50,524 listings starting at $1,695
Used Chevrolet Malibu
604 Great Deals out of 48,316 listings starting at $1,800
Used Hyundai Sonata
397 Great Deals out of 50,392 listings starting at $990
Used Toyota Corolla
643 Great Deals out of 66,145 listings starting at $1,599
Used Ford Fusion
630 Great Deals out of 59,705 listings starting at $2,300
Used Kia Optima
371 Great Deals out of 28,940 listings starting at $1,950
Used Nissan Rogue
578 Great Deals out of 77,256 listings starting at $2,999
Used Dodge Charger
259 Great Deals out of 32,995 listings starting at $495
Used Chevrolet Impala
375 Great Deals out of 27,000 listings starting at $1,000
Used Nissan Altima Coupe
34 Great Deals out of 1,143 listings starting at $3,400
Used Hyundai Elantra
394 Great Deals out of 45,304 listings starting at $495

Used Cars For Sale

2017 Nissan Altima 2.5 For Sale
21 Great Deals out of 744 listings starting at $10,950
2016 Nissan Altima 2.5 For Sale
43 Great Deals out of 1,588 listings starting at $9,490
2015 Nissan Altima 2.5 For Sale
13 Great Deals out of 1,030 listings starting at $7,898
2014 Nissan Altima 2.5 For Sale
8 Great Deals out of 386 listings starting at $6,895

Content submitted by Users is not endorsed by CarGurus, does not express the opinions of CarGurus, and should not be considered reviewed, screened, or approved by CarGurus. Please refer to CarGurus Terms of Use.