Can you buy a car with Fair Credit but No Cosigner?

Mickey Isle: Yes it is possible.The bank or finance company looks at several things when considering you for a car loan. Besides your credit rating, they look at your income, your job history, and how much the car is that you want to buy - this part is key. For example, if you want to buy a car that is worth $20,000.00 but you put no money down and need to finance the sales tax also, the bank might say no because it is too risky for them. They figure if you stop making payments and they have to repo the car, will they get enough to cover the balance of your loan when they sell it at auction.Conversely, if you buy a car worth $20,000 and put a $10,000.00 down payment, now the bank is more comfortable because the car will cover the outstanding balance and also you have smaller payments which makes it less likely that you would stop paying because you cant afford them.So bottom line; with a big enough down payment, and a car that is not too expensive, you can get approve! d for a loan without a co....Show more