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I applied for a car loan with my mom as a cosigner and was rejected. Now what?
I need to buy a car in my mom's name since I'm under her insurance policy, and I need her to be a cosigner for a car loan. My credit history is limited and my mom's credit score isn't great. We applied for a loan at a bank but didn't get approved. What should I do to get a loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
First off, if you’re in dire need of a car and have poor or limited credit, you may have to bite the bullet for a little while. Building credit can take months. In the meantime, you may want to consider public transit (if possible), ride-share services, or a car you and your mother can afford with cash.
As for improving your credit, you can start right now. Many banks and credit unions offer low-balance credit cards, savings-secured loans, and other products specifically designed to build credit. Make sure to pay these off in full to avoid interest and don’t miss any payments. With any luck, you’ll be able to afford the vehicle you originally had your eye on.
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- Gregory R.
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