I am 18 years old and I am currently trying to get an auto loan from a bank. I don’t have established credit so I am having my aunt co-sign for me. I am getting the loan for $7500 but I have run into a few problems. My aunts credit is perfect and I know she can get accepted for the loan. The problem is that every bank I have gone to requires me to get full coverage insurance in my name. I don’t mind the full coverage insurance but the fact that it’s in my name would make my payments extremely ridiculous. I have talked to a few ppl that have gotten loans at the bank for around $12,000 and for some reason they were able to still remain under their parents insurance. I am looking to remain under my parents insurance but is it possible to do so with the loan I am trying to obtain? If not, then what are some other solutions to purchasing this car because I want it reallll bad. Any type of personal loans I could apply for? or any other solutions?
The bank is making me have the car insured under my name. Thats the problem. I have gotten quotes from several different insurance companies and not one of them estimated under 500 dollars a month. Now thats just something I can’t afford.
I would put the loan in my parents name but I also want my name to be the primary name because I want to establish some form of credit. I have no line of credit towards me as of now. But if worse comes to worse, I might have to to get the loan entirely through my dad. Not sure if my mom and dad have that great of credit though thats the problem. Thats why I wanted to get my aunt to co-sign. But hopefully if worse comes to worse my parents credit will be good enough.
