Parents | auto loan rates

July 10, 2010

How does someone with no credit get an auto loan?

Filed under: Credit — Tags: Auto Loan, Chunk, Co Signer, Credit Auto, Interest Rate, Mom, Own Car, Parents, Paychecks, Thanks In Advance — @ 7:05 am

Show Breeders Sell Better Pups asked:

I am 17 and I am looking to get my own car in a few months time, after I have some paychecks from work saved up. I make about $400 a week and I want to have a good chunk to put down on a car that is probably going to cost me between $9,000 and $13,000 (thats my price range, anyway)

my mom says that without credit, I’m either going to have an interest rate that’s ridiculously high, or they will refuse to do one without a co-signer all together.

Would it be wisest to have my parents apply for the auto loan themselves? (my mom has excellent credit), and then pay my parents the monthly payment?
Thanks in advance!

Chad

Comments (5)

July 9, 2010

Will auto loan with co-signer help establish my credit?

Filed under: Credit — Tags: Auto Help, Auto Loan, Bad Credit, Build Credit, Car Credit, Charge Cards, Credit Cards, Credit History, Desirable Cars, Establish Credit, Good Chance, High Interest Rates, Match, Parents — @ 2:54 pm

jay asked:

I am trying to buy a car and build credit at the same time. I have almost a years worth of credit history specifically credit cards and charge cards. I have good scores, but limited history. I have been turned down applying for the loan by myself. I would like to cosign with a parent. Two questions. First, I was told that even if my parents scores are not the best, or even good, they have history. I do not have much history, but have good scores. And so, I was told that this would essentially be a match and I’d have a good chance of getting the loan. The second question is, if I were to get a loan with a co-signer in my parents, that it would primarily be in their name, building or hurting their credit? If they co-sign with me, and I make the payments, it will or will not affect my credit? I have a specific car in mind and the pricing online is attractive opposed to working with dealerships that have less then desirable cars that will work with no/bad credit for high interest rates.TIA

Heidi

Comments (4)

December 28, 2009

auto loan approval question # 2?

Filed under: Credit — Tags: Auto Loan, Avg, Banks, Cosigner, Dream Car, Loan Approval, Money, Monthly Expenses, Parents, Penfed, Permanency — @ 7:55 am

quiksilver_army asked:

Okay… I asked a similar question before but this one is about me…. I want a 80k vehicle (my dream car)…. ive been working with my company for a year now, and I just got offered the permanency, making about 60k pre-tax a year…. i pay about 800 a month for my home… and PenFed is offering me a 4.99% rate for a vehicle.

I have impeccable credit… like seriously impeccable…. never debted, never maxed out.. i have about 17k in savings (in one year!!!) now, im willing to wait to save more if necessary to not pay as much, but ive always been good at sacing money for the things i want, now my question comes as

can i afford my dream car? and when can i afford it? how much would i pay and would banks even take two looks at me before sending me out the door?

I could have a cosigner…. but I want the independence of not needing my parents for this…now… i am strictly budget minded and have totalled monthly expenses to an avg of 1,200 a month (rent included)

any ideas?
i have a clean license, if that helps… and this would be my second vehicle (the first one was bought cash)

Claudia

Comments (2)

November 26, 2009

Auto Interest rates?.broad I know, I’m looking for a general idea of what to expect?

Filed under: Other - Cars & Transportation — Tags: Auto Interest, Buying A New Car, Buying Car, Car Finance, Co Signer, Credit Worthiness, General Idea, Interest Rates, New Car Loan, Parents, Zip Code — @ 1:29 am

Penguins = Stanley Cup asked:

I am buying a new car looking to finance about $11,000. I had my credit run at a dealership just to see if I would qualify…they denied my request saying that I have good credit but not enough history and that I would require a co-signer. My parents will co-sign, both have excellent credit. My question is what kind of rate should I expect? The average rate in my zip code for a 48 mo. new car loan is 6.78%. The lowest available advertised I’ve seen is about 4.75%. Should I expect something around the low (4.75) the middle (6.78) or the high (7+)? Am I in any kind of position to argue for a better rate if a high one is offered considering my co-signer vs my credit worthiness?

John

Comments (3)