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Rob | Should I apply individual or co-sign? |
I'm using my credit to get my son a car. My question is will the chances of approval decrease if i list myself as a co-signer and him as primary (he has terrible credit) or should I just put the car in my name only( I have great credit and income) the reason i want to add him to the car lease is too build his credit history and score.
Additional Details
Well I will be making the payments for him so im not concerned with his bad credit history as he will not be paying for the car. He will be the only one driving it but ill be paying for it. |
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maxmom56
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As long as you co-sign, his chances are as good as yours and you'll be helping to build his credit. Just make sure you can afford the payments in the event he stops making them. |
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rusty_266
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As others have said, the loan will need to be in your sons name with you as a co-signer. If your credit is good you should have no trouble. Typically being a co-signer is not a good idea, but I understand you wanting to help your son, and most would do the same thing. That said, is it important to protect your good credit. Consider making the payments yourself, while your son makes the payments to you. That way he builds his credit profile while not damaging yours.
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johnjacob01
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There's one of two scenarios and I'll give you my answer for both
Scenario one your sons 16- 17 and your going to get his first car, his credits bad because he has no history and no income, in that case put yourself as the co-signer you may get a worse rate, but banks will take a chance on him because of your great score, approval shouldn't be a problem because A) They can stick you with the bill and B) I'm assuming the loan is comparatively not that much.
Scenario two is your son has bad credit because he's defaulted on loans, or credit card debt or something else, in this case I'd put the car in your name, and have him make payments to you, A it gives you some legal holding you don't get stuck with a bill for a car that's his, and B while I appreciate the desire to help, he'd be better off to rebuild credit through paying bills on time and should he have a financial hiccup you can cover the car to make sure it doesn't damage his credit further. |
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Dana R
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It doesn't matter whose name is first on the application. It will go on both of your credit reports equally. It will help him and I don't think you would be denied credit but it might affect the interest rate. Sounds like something you should ask beforehand. |
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chuckles951
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Are you getting him a new car? Leases are a bad deal right now, as expensive as buying.
All a child deserves is to get a used car to start. I got my daughter a used 2005 Chevy Cavalier for $5995 this year and it is owned in my name and registered to me. And too bad for building her credit. She can do that after she gets a job.
Same for your son. If he wants a new car, he should earn one. If it means he cannot do it until he is 30, so be it. A used car will get him around just as well.
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Ponda
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if the car is in your name and the car is for him then it is considered a fraud. I work for a bank and the term used to describe this is a straw purchase. It is when someone uses their good credit to purchase a car for someone with bad credit. The driver of the vehicle has to be on the application, otherwise it is illegal. If the bank goes to get the car back from you and the car is not there then they have no way of obtaining the vehicle back. Make him go to a sub-prime company to get the car loan, capital one is a good one. Good luck |
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brownie
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If you really want to help him rebuild his credit, you should understand the risk of adding yourself on to the loan. The fact of the matter is ,that no matter weather you are first or second on the loan you are equally responsible for the debt.
however, if you sign for him then he gets none of the credit for repaying the loan back.
My suggestion is (if you want to help him) both of you sign for the car. make sure it is a car within his means (practical). Then have the payments withdrawn automatically from his checking account. On a final note be aware that the interest rate with both of you will be a bit higher than if you signed alone. |
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bud68
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If the car is in your name only, it will not "build his credit." |
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*Cara*
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NEVER co-sign for ANYONE. Don't you watch Judge Judy? Especially since you already admit your son has terrible credit. Its just a bad idea all around. Make your son buy his own car. |
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