If I cosign on my brother's car loan will he get better rates?I have a 780 jew score and he's in the mid 600s. My parents will be paying his payment (because they're sick of him driving a niche shitbox with a garbage transmission) but they don't want to cosign.Would it be better for me to cosign on his loan or could I just go through my credit union and have him cosign, but have him be the owner, and benefit from the rates my score/credit union would get me? Or would cosigning with him get a worse rate than if I just got the loan myself and transfered ownership to him after it's paid off? I could get a sub prime rate (4.7/8ish%) through my credit union, but I want the car to be in his name not mine (idk if that's how it works, my car is paid off and Ive never cosigned or had a cosigner)
>>62043576> My parents will be paying his payment (because they're sick of him driving a niche shitbox with a garbage transmission) but they don't want to cosignThis isn't good. Only cosign if you want to buy the car for your brother. The bigger question is why your brother can't afford a reliable car. Where did he fuck up?
>>62043611>The bigger question is why your brother can't afford a reliable car.He got an art degree (so he does shit like working on farms or sugaring) while I went into healthcare. He also bought a 20+ year old, sub 10k production run car for his daily because it's cool (which it is, desu, he just can't afford to make it reliable). He's not a crack head or anything and I love him so I want to help in the most efficient way possible. He missed a family holiday dinner because his fucking POS car broke down and my parents and I want to see him more
Just buy him a bus pass
>>62043641do not cosign, it has the potential to drive a wedge into your family if things go wrong. If he's got an art degree it's realistic to say he's probably got art friends and they often share strange ideas that cause family chaos. You don't know for sure what he'll do, if anything offer him a small sum as a gift and then step back and let happen what may.
>>62043576This is a serious poverty level problem. You’re nice to consider your brother. But he should be buying a car he can afford, with cash or his credit limit. If you co-sign, just set aside the cash like it’s an escrow account and consider it a gift and be thankful for what he pays back. Because odds are, anyone asking for this isn’t going to end up paying.
>>62043641what kind of car is his shitbox Im dying to know
>>62043576I have this car, its not a shit box. The thing has 350k miles and never left me stranded. Sure its not a booker but I never made monthly payments like a cuck. Just paid 3k upfront and regular maintenance.
>>62043641>I love him so I want to help in the most efficient way possible.I would go with something like .357 mag
>>62043576Why does your parents care about your brothers car and its transmission?
>>62043576Just give him some money to put down on the car. a) If he doesn't owe as much then the rate doesn't matter as much.b) If he doesn't owe as much then his monthly payment will be lower so his broke ass is more likely to make the payments.c) Since it's a gift then you don't have to worry about him not paying it backd) Since you're not on the hook for the loan then you don't have to worry about him defaulting on the loan paymentse) If he takes the money and blows it on something stupid instead of using it on the down payment for the car, then you now know he's utterly irresponsible and that you saved your credit score from taking a massive hit.
>>62043576Just get him a grandma yacht and be done with this shit
>>62043576My wife did that with me, her credit was better at the time. I don’t know why we didn’t just say she was buying it.
>>62043668Why? He's family, if he refuses to pay just pay the loan and wash your hands of it.
>>62043576Why can't he buy a $4k Toyota off of Faceberg Marketjew and Fuck Off?
>>62045308because you gotta make monthly payments on the newest car to impress other wagies who also make monthly payments.
>>62043641>sugaringSorry, what? As in "sugar baby," i.e. sex work?
>>62043641>He's not a crack head or anythingit doesn't sound like he's any more reliable than one, so what's the actual difference?
