How can I get approved for an Auto Loan with a cosigner without going to a dealership??

I have a pretty bad credit score. (540) I am trying to get a car from a private party. My mother, whos credit score is around 750, said she would co-sign for me. I have applied to a bank with me as the primary and her as the co-signer and was denied. I have also applied for a loan with her as the primary and myself as the co-signer. Denied. What is the deal? BTW, I have only applied online. The first institution we used was A credit union, the second was Bank of America. I need help! Who will approve the loan? Has anyone dealth with Eloan.com before?? Any advise would be appreciated!

How can I get approved for an Auto Loan with a cosigner without going to a dealership??
It really depends as much, if not more, on the value of the car you're buying.





If you're buying a car that is costing you $3,500 , but the low retail value on it is $5,000 ; then if you default on the loan and the bank repossesses it - they make $1,500. A financial institution is very likely to see this as a profitable investment and approve you.





However, if you're buying a car that will cost you $7,000 , but the low retail value on it is $5,000 ; then if you default on the loan and the bank repossesses it - they lose $2,000. A financial institution is very unlikely to see this as a profitable investment and approve you regardless of your credit score.





The only way I could see you being limited to having your mom purchase the car or relying on public transportation is if you have an inconsistent work history.





You will want to base the value of the car on the LOW value at NADA. You can also take the Kelly Blue Book value and subtract 11% to determine the value of a car - again, you'd go with the LOW value since you're an individual, not a dealership.
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Reply:Apparently your credit is bad enough that no one will consider you even with a co-signer and a secured loan. Your mother could buy it and you could pay her, but that wouldn't help your credit a bit and would put your mother out there owing the balance if anything happened that you wouldn't or couldn't pay. Do you have a bank where you have a checking or savings account? If so, approach them in person and ask for advice. Or if you have a job and the company you work for has a credit union, try asking there also.

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