Bankrupcy 4 years ago who will approve me?

[meehan22]

no negatives and a 600 credit score? What is holding down his score? Should be much higher. 

Best bet would be a credit union that you or he is apart of!  

[falzool]

Hes only had credit for 6 months

[falzool]

Approved by my local credit union. STCU, 7.99% for 25k with 2k down

[j_casteel]

BEFORE taxes/deductions your son makes around $2000 per month. The car payment plus insurance plus fuel (you know good well he will be burning that up too) you're looking at close to $1000 per month for the car alone. That leaves him with a few hundred for EVERYTHING else. Why on Earth are you breaking your back and bending over backwards to try to help your son completely ruin his finances? You want to help him, great! Tell him that he can't afford the car, and be thankful he has the 2010 Camaro now and if he wants something else then he should step down to a car with a ~$200 payment. Being a good parent isn't always about giving your kids what they want. Not to mention the fact that he's in his 20s living for free with his girlfriend and asking daddy to help him buy more car than he can afford, but that's y'all's business.

[09Lexie]

OP,

I merged your two threads together.  Please refrain from posting duplicative threads/topics.

thank you

[StartingOver10]

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@j_casteel wrote:
BEFORE taxes/deductions your son makes around $2000 per month. The car payment plus insurance plus fuel (you know good well he will be burning that up too) you're looking at close to $1000 per month for the car alone. That leaves him with a few hundred for EVERYTHING else. Why on Earth are you breaking your back and bending over backwards to try to help your son completely ruin his finances? You want to help him, great! Tell him that he can't afford the car, and be thankful he has the 2010 Camaro now and if he wants something else then he should step down to a car with a ~$200 payment. Being a good parent isn't always about giving your kids what they want. Not to mention the fact that he's in his 20s living for free with his girlfriend and asking daddy to help him buy more car than he can afford, but that's y'all's business.

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^^^I agree 100% with the above. Not only is it a bad plan for your son to purchase a car that is so expensive, it is a worse plan for you in your BK recovery to consider co-signing for your son in his 20's. Your son has a car. If he wants a new one, that is on him. He will learn more by not falling back on you for this purchase.

Based on the information you posted, this is for sure a repo in the making if your son manages to purchase this $44k car. He simply does not have the income to make the payment for any length of time. Once he grows up, graduates and gets a better paying job, then your son can buy whatever he can afford. To drag you into this mess is irresponsible. How are you going to make the payment on this car when your son misses his payments?

[StartingOver10]

One more brief point to think about: your son doesn't pay for rent or anything else, yet he carries a balance on his cc's and he has not been able to save much for a down payment for this new vehicle he wants to buy.

This shows he simply doesn't have enough income to buy anything else at this point and that a purchase like this will put him in a really bad financial spot where he will be relying on you to make his car payments. Don't take this risk.