Bank that accept cosigner out of state ?

[hle5128]

Hi,

 

I travel alot and had business in difference country and also operating website selling software app for smartphone. (2 years now)

 

I have my mercedes in California and under my loan and rate is 17%+ from well fargo .

 

Now i live between state which in Florida, and im looking for another car in FL for business purpose. So i try to apply the loan at grow financial (Credit Union) in flordai with a cosigner in California (he is my far relative cousin which make decent amount of money monthly 10k a month with good credit over 800+ and notthing own on his line bc he paid all off)

 

so i tried apply the loan at Grow financial and they declined because they dont accept cosigner out of state and not living same household? which they say the cosigner has no interesting in the loan so its a risk for them unless the cosigner also drive the car or living same house hold, so they ran my credit be on my own 2nd loan which i have 40 point left until good credit 714 i think ? and i would get rate 7.44% something but turn out they decline at the end because idont have good enough credit owning two cars....so which why i have my cosigner and this bank wont accept it...

 

Do you guys know any bank in Florida that accept my situation ? The cosigner will fly to Florida 2,3 days to help me do this next week , so im desperate looking for a bank that accept this.

 

by the way im 37.

 

i found some car in difference state so this is why i need to find my own bank first, local dealers dont have the car that im looking for..

 

I want to get this pre-approval before he even fly down, so when he fly down here, he just need to sign any paper work necessary .

 

Thanks for your help

[stroked89coupe]

I would try a larger bank. Typically they do not care and may have more easy going standards. I have never heard of the person having to be in the same state but I do not have much experience in the auto loan catagory. I would try somewhere else.

 

I will move this to automotive (From business)so marve can chime in on this for you and possibly offer his opinion.

Edited May 10, 2013 by stroked89coupe

[hle5128]

thank you.

 

I found this forum becaus of roadloans which i believe now i should not even considerate. Heard alot of horrible story about them.

 

I just try CHASE and status will update in 24h.

 

by the way the amount i financial is 30000$ and with 5000$ down.

 

Im not worry about cant make payment, but im worry if any bank will take my situation, for other 1st car, i have been pay over a year now.

 

Appreciated any input.

[MarvBear]

Your co-applicant would have had to qualify for membership, in order to be acceptable for Grow Financial Federal Credit Union.

 

I don't do direct loans, but rather indirect loans, it is not uncommon to have an out of state co-applicant.

[hle5128]

I got response from chase that declined my loan with my cosigner .... so weird...

 

 

can you help me ? @admin

[hle5128]

my option left is now with roadloans ? i been turn down with grow financial (reason cant use cosigner)

and with chase (didnt say why but i put two application together , i guess becasue he is out of state.)

 

i thought getting cosigner should be easier for me to get my credit go faster if both car paying sametime....

 

Will showing my company in other country can also prove anything ?

 

This is my first time on board, i see alot of ppl sending app to MarvBear...may i ask what for?

[BRBiz]

my option left is now with roadloans ? i been turn down with grow financial (reason cant use cosigner)

and with chase (didnt say why but i put two application together , i guess becasue he is out of state.)

 

i thought getting cosigner should be easier for me to get my credit go faster if both car paying sametime....

 

Will showing my company in other country can also prove anything ?

 

This is my first time on board, i see alot of ppl sending app to MarvBear...may i ask what for?

He works in the auto industry and he can give you a pretty good idea if you will be approved for a auto loan based on the info you supply on the app.

 

Even if you used Roadloans your co signer would have to be the main person on the loan and you would be the co signer since they won't allow you to have more then one auto loan.

 

Are you buying from a dealership or a person?

 

Did you try capital one?

[hle5128]

im buying from dealer , but its out of state.

I have not try capital one yet .

But should i put my cosigner in main application and me as cosigner ?

 

i wonder why they decline my loan even i have a co signer with good credit ?

[hle5128]

im doing capital one right now, but they dont accept independent dealer , only their selective dealer, even that.

Should i put cosigner a main application instead of me ?

but i dont think it make any diff since type of loan is joint.

[BRBiz]

im doing capital one right now, but they dont accept independent dealer , only their selective dealer, even that.

Should i put cosigner a main application instead of me ?

but i dont think it make any diff since type of loan is joint.

It really won't make a difference with them just list your self first..

 

What are you buying?

[hle5128]

Im looking for another mecedes, but its really limited in my area for the type of model.

Im looking for 2008 C63 with around 35k and 5 to 7k as down payment.

[BRBiz]

That would be a specialty vehicle..

 

Did you put a app in with the selling dealer?

Edited May 11, 2013 by Brndnh721

[MarvBear]

You're looking at a Mercedes Benz at a dealership that doesn't have a finance department?

[hle5128]

do you mean at the dealer ? yes but its hard to get a loan because dealer out of state. I have not try yet, but i will try last time with capital one and if not, then i will send app in to the dealer.

 

But why would they turn down even though i have a good cosigner ?

i have no bad credit, no late payment on anything.

 

i would understand by myself with 2nd car load will not be approve, but with cosigner with good credit, i still dont understand why

[hle5128]

You're looking at a Mercedes Benz at a dealership that doesn't have a finance department?

 

They do but they said samething , most bank dont accept cosigner in difference state... :<

[BRBiz]

Yes the dealer....A second auto loan is higher risk and as the CU mentioned with the co signer being out of state he really has little influence in how the loan is handled which will be a concern with most lenders. Also being a high end vehicle that will also hurt since having two luxury vehicles isn't necessary.

Edited May 11, 2013 by Brndnh721

[BRBiz]

Why would you want to be paying for two cars at once but only using one? Why not just ship the car down to Florida?

[hle5128]

i cant just ship the car back and forward every month or other month

 

Im trying capital one see how it goes, if not i have to find other car that just near here and coming in with cosigner.

[BRBiz]

Ok didnt know you went back and fourth.. May just want to look for something less expensive, you may have a better chance of getting approved if your income supports it.

[MarvBear]

If you keep applying on a direct basis you will shoot yourself in the foot with the same banks used be the dealer on an indirect basis

 

Sent from my SCH-I925 using Tapatalk 2

 

 

[hle5128]

so your suggestion just apply straight at dealer where the car at ?

 

Thanks

[BRBiz]

so your suggestion just apply straight at dealer where the car at ?

 

Thanks

Usually if you can't get approved at your local bank or CU the dealer will always be the best choice.. Although it varies greatly by dealer especially the smaller ones..

[hle5128]

would you guys recommend ,if all turn down no, just take roadloans and refinancial after 6month ? how hard to refinancial out of roadloan ?

i heard horrible things about roadloans

[BRBiz]

would you guys recommend ,if all turn down no, just take roadloans and refinancial after 6month ? how hard to refinancial out of roadloan ?

i heard horrible things about roadloans

You wouldn't be able to use Roadloans any way.. It has to be a franchised dealer (ford,nissan, dodge, etc) or a Carmax dealer.

[Jnavarro]

Not to sound rude, why don't you just buy a cash car?