Pfive

Hopefully this is OK in this forum.

Well, I cannot get a loan without a co-signer because I never had a loan before. I have found a friend willing to co-sign the car loan, but she is in the U.S. while I'm in Canada (Nova Scotia). Question is... Can she co-sign the loan or does the co-signer have to be a Canadian resident?


Also, if someone co-signs a loan for you can you remove them from contract later on (say after a year) after you have established that you are making your payments on time etc.? Or do you have to refinance the loan to remove the co-signer?


Thanks!

Pfive

That's what I fear it is. This means I cannot get a car for quite some time. I guess I'll just have to get a loan from those "no credit no problem" places at 25% APR for 6 months or so just to build credit history. I am sooo mad!!!!!!!!!!!!!!

dyle

HI there. I got my 02 Protege LX a couple of months ago. I had no credit history at all since i just moved here (US) from another country... Anyway, i tried my luck for the 0% financing (i know, wishful thinking) didn't get it, but my application was still approved at 15% APR with no cosigner. It sucks but i really needed to get a car and didn't have too much time to look for better deals. Two months later, although the car and insurance payments are killing me, at least i'm loving my car a lot

By the way, i applied with mazda credit, not with a bank, i heard that they're more cosiderate as far as approving loans are concerned. ..

CitizenPro

From what I was told, you have to lay down some cash and refinance the loan to take off the co-signer. Ill need to be doing that when i get my income tax check.