with high down payment is cosigner needed

Asked by Feb 04, 2017 at 03:57 PM about the 2014 Ram 1500 SLT Quad Cab 4WD

Question type: Shopping & Pricing

My son wants to get a truck at list price of 25k, if he puts a $10-15,000 down
payment, will he need a cosigner for the remainder of the balance?

2 Answers

1,720

It depends on how much he gets approved for. If he has a large credit limit, I'd put a minimum down payment, then (as above suggested) put the extra cash into multiple large monthly payments. Looks great on your credit and helps with saving on interest.

1 of 1 people found this helpful.
70,815

Before you co-sign ask yourself a few questions and forget that the young man is your Son for a few minutes. Is he a responsible young man? Working at a steady job? Can he really afford the car payment? Does he get tired of things quickly? Will you be able to be the "bad guy" and take the vehicle from him if he stops making the payments? Can you afford the payment if he stops paying for the vehicle? No point in ruining your credit for someone else, even your Don! My Sister got burned by my Nephew when she co-signed for his truck. When he bought it he was a very responsible young man. But that changed! HTH. -Jim

2 of 2 people found this helpful.

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