First time buyer interest rate, help!

The bank will look at your Mom's credit score primarily to determine the interest rate (but will look at your score too)....If she has a good score, you may get approx. 4-5% interest rate...higher rate, if score is mediocre to borderline bad. Just so you know, the reason for a co-signer is if you don't pay the car note, they will hold her responsible to do so (but I'm sure she knows this). As far as insurance, she can have you insured under her existing policy, which will save you $$$ (Multi-car discount), but not sure if she can be listed as primary driver, as technically the car will be in your name. The Nissan Altima 2.5 is a good car and a nice looking as well...Best of luck to you.

Your Mom can only insure it on her policy if she is the registered owner, but can list you as a driver. You can have you name on the registration, also, but not alone, not just you as only owner, Mom must be "Primary Buyer".... With good credit Auto loans run about 5%, with not so good credit score as high as 9% or more. But with your name on the loan with Mom as co signer, make all payments on time and YOUR credit score will be established, off to a good start at 18

Good morning RacerX, we were writing at the same time...and it seems we pretty much agree ...when you have a co signer that person's name automatically goes on registration

Good Morning, David! I know when I was just a bit older than our OP (around 21), I was insured under my parent's policy to save $$ since I was under 25. In my case, I didn't need a co-signer when I bought my first car, but they were able to add me without any problems.

When you have a co signer, at least in California I know for sure that person's name automatically goes on registration .....that is because bank "holds" the pink slip and it makes it easier for them to go after Mom if you miss payment(s). I co signed for my son years ago and that is how it worked

Yeah, when we were young and the economy in general was better, it was easier to buy a car..but during the 70's interest rates were obscene

LOL! I'm still young dangit ..Still have a baby face too...I was just "younger" back then! I wouldn't know about the 70's in terms of car buying /interest rates (Why were the rates so high then?) ....I bought my 1st car in the late 80's...a fabulous lemon known as the Pontiac Fiero, which I should have bought in yellow (instead of black)..lol. No tears were shed when Pontiac went out of business....We're saving the younger generations from buying garbage cars...and THAT makes me smile!

The Carter Administration years (not blaming Jimmy, just a time frame reference) I bought my first house..in 1976..at get this: 11% on a MORTGAGE... perfect credit.Auto loans, 17% or more...but on the other end of that same stick you got 10% on passbook savings..now it's maybe 0.75 to 1%