Auto Loan Advice!

[cet2062]

Hey all!

So i just recently checked my fico scores and they are phenomenal compared to what I thought they were! My transunion is 689 and my Equifax is 650! I'm only 19 and i've had credit just under a year so i'm pretty happy! My question is this, my family and i are having some car troubles. I have a working vehicle that I love but my moms car is just about shot. Her and my dad's credit is lousy to say the least but they have income. What I was wondering was if I were to go in and try to get a loan (most likely with my mom as my dad is self employed) if a lender would deal with us? I'm not sure if the car would be for me or my mom, my mom just needs a vehicle to drive and they'll most likely pay for it because they pay for the car I drive now. I have no doubts of their ability to pay or mine for that matter! I was just wondering if since my scores are higher than ever if maybe I'd have a chance if we walked in. My parents scores are in the 500's! 

Thanks for any help! 

[Learning_Tee0225]

Youd definatley have a chance with your scores. Do you have any collections on you CR? have you had any previous auto loans? I know its pretty easy for anyone to get a car these days your just more worried about the APR youll be paying out. Do you belong to a CU? check with your local one to see about a pre approval on an auto loan. Gives you a jumping start!  Good Luck!

[cet2062]

I don't have any bad things on my report at all! I've never had an installment loan before but my parents have, would that help? I do have access to a credit union so maybe i'll check it out! Thank you 

[dpechal]

cet2062,

     What amount would be in your range for a loan?  Do you have income?  Two things i'd avoid, co-signing with your parents and applying for a loan with just your parents word of paying you the amount due monthly.  With your parents scores in the 500's it signals serious credit problems.  You also said they currently have income but they really should be using that to clear up issues on the CR.  If you could afford the payments and could cover the amount due in a split second if your parents could not provide you with any money than I would say go for it.  But if you think at any time you couldn't make that payment on time dont even get yourself / family involved.  It will not turn out good for any of you.  Not trying to scare you but ive seen things go wrong like this before!

Also, if your parents are paying for your car, you should give it to your mom and work on getting your own car.  Again, I hate to sound like a Mod Cut but this is the harsh reality.

[HoldingOntoHope]

I couldn't agree more with the above poster. Give your mother the car you are driving and they are paying for. Find something for yourself that you are capable of paying for yourself. Mixing family and money just seems to have a way of going wrong way more than going right.

[cet2062]

I appreciate it but the car I'm driving my parent wouldn't dream of taking that away from me. I'm going to try I was just seeing if scores were good enough thank you. 

[Middleswarth]

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@cet2062 wrote:

I appreciate it but the car I'm driving my parent wouldn't dream of taking that away from me. I'm going to try I was just seeing if scores were good enough thank you. 

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You really don't get it....

[cet2062]

No I do. But I am trying to get my own car I just am a full time student so my income is not that great, so it's not like I can just walk into a dealership and tell them I want a car. I know I could afford jsut the car payment- but my parents support me full time. I'm only 19, so they do pay for a vehicle for me. My dad bought it two years ago for me and since he is self-employed he reports as little as possible on taxes so he can't just go and get a car even though he makes a lot more money. After all the deductions he's allowed to take his net profit is not high enough to support two vehicles. I'm just trying to help my mom and dad out so that was why I was asking.

Thank you.