Usually, the better your credit, the better your interest rate. If you have no credit or a poor credit history, you may still qualify for a loan by applying with a creditworthy co-borrower. Your interest rate spread is usually determined by your credit history. If you utilize a co-borrower, this too will be taken into account in determining the rate. After 6 consecutive payments, you may be able to apply for up to two deferred payments a year.
Final approval is at the sole discretion of the lending institution.
Since each case and each lender is different, make sure to discuss all of these very important issues in advance.