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Rachel T | New Car Loan with only 6 months in a job? |
My son wants to get a new truck but without a co signer.
He is19 and a full time student (no loans) who has had a steady job for 6 months and has about $5K to put down as a payment.
He is looking to get a Ford truck that is about $22k. He just got a letter and his credit score is 767. But I told him that its not only his score that matters since that is only a reflection of 1 creditor. He has done really well with that card with using it and paying it off every month. He has alreaday had 3 increases to a max of $1100. He has his own checking and savings acccounts as well and could manage a $300-$400 payment before insurance.
Thoughts on what they might tell him? What type of interest rate? I don't want them to pull credit until he is ready.
THANKS! |
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SPIFIMAN1
 |
Auto finance is what I do for a living and your Son faces several problems.
Auto loans are based on the following factors;
1. LTV (loan to value).
2. Term of loan.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.
Now they also look for the following.
1. Time in bureau 3-5 years depending on the lender.
2. Number of trade lines 3-4 depending on the lender.
3. Payment history for installment loan 12-mo. minimum.
4. Qualifying trade line ( installment loan paid 12 times over $150.00 a month).
Your Son would be better off to have you co-sign this time so the next time he wants to buy he will not need you.
People who think score alone is the only thing that matters simply do not know how credit actually works. |
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stephenweinstein
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Don't go $17,000 into debt until either the economy improves or he has been at the job longer. Layoffs may be coming, new employees may be the first to go, and he will not be able to make the loan payments without a job. |
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Marry M
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New Car Loan with only 6 months in a job don't worry its better for you to try for an online loan.i think that th e below website will help you to find the right solution. |
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Lapband Man
 |
He will probably not get credit since he is still in school.
Mom, why don't you get him a car, and he can pay you off. Make him the co-signer, so you can make sure he pays when he should.
If I was him, I would look into the insurance first for the vehicle he wants to get. That could add $200 to $500 per month. Can he afford that?
Sorry for the bad news, but credit these days are hard to get. Good Luck. |
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mycredit wealth,com
|
I think he's looking at to much truck, but that's my opion. What is his income? That's going to play a big part in how much they let him borrow and is he going to school or working full time.
Truth be told I'm sure he can qualify for the loan with his credit score and down payment (even if it is only one account) and would most likely qualify for a good rate.
If he could find a truck under 15k and put 5k down his payments would be in the low 200's and then not only can he afford his truck payment he can afford to drive it.
Edit__________-
Your credit score is not the only thing that matters. However, it is important very important.
I save over $5,000 ever year minimum in interest fees because of my credit score. |
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Mya1500
|
Let him go out there and get his truck. That's the only way he will learn
Some people are fortunately enought to get cars with no down payment like I did. I never had a co signer on any of the cars I purchased I think because of my credit rating. . However, one dealer actually turned me down because I didn't want to put any money down. While another stuck me with high interest rates of 17%. I got refinancing through my bank a 6% before the first payment was due.
With down payment in hand, your son will be able to get any car or truck he wants. I suggest that he go to the dealer's lot while they are closed. My guess is he's looking at getting a new vehicle. Look at the vehicles for their loads and price. The dealers won't be there to haggled you and he may actually see the specific vehicle he wants.
I've had experience where a dealer asked my name and next thing I knew my your credit report had been pulled. Another case was when I test drove a corvette merely out of curiosity. I was allowed to test drive it without a dealer with me. When I return, the dealer was smiling, talking how good my credit was and could sell me the car at an amount. So don't go while they're open unless you're ready to talk.
I never reveal how much down payment I have, especially when the dealer ask before I'm ready to deal.
Since he is young and buying from a dealer for the first time, they may stick him with high interest. He can ask his bank what type of interest rates they offer for first time car buyers. If the dealer can't find rates lesser than the bank., have them contact his bank (have a name and phone number) for final approval. Otherwise, he can get the car and later refinance it. The down side to this is, the transferring bank can request a down payment. So he may not want to give up all his cash. Check Bankrate.com for current interest rates for auto loans.
Good luck. |
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bdancer222
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He may not have a long enough job history to get that much car loan. He should probably hold off, save some more, and get more work history. He'll be able to get much better interest rates.
He might consider checking with his bank or a credit union to get pre-approved. Always better to walk into a dealer with financing confirmed. |
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Jaclyn&Dave
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Why not get a $5K car?
Making payments on a vehicle is just silly.
It sounds like your son is on the road to financial freedom already, a car loan is not the way to continue, it is a way to be enslaved by a lender.
http://www.daveramsey.com/etc/lms/drive_free/
This is the smart way to buy cars, payments are not. |
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jpr302001
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They are going to look at his income level. If he can comfortably make the monthly payment, then he should be ok. I would guess they will offer him an interest rate around 7%, but he should shop around because he might get a better rate from his bank or credit union.
P.S. He should pay off and stop using the card for a month before he goes for the loan because if they see a balance on there, they will assume he's making payments on it and figure that into his monthly debt to income ratio. |
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