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New Member
Tokio_Love
Posts: 3
Registered: ‎05-08-2013

College Student and Car loan

Hi, I'm new here but have been stalking for a while.

 

Anyways so I'm in college and I have a car under my moms name. I want a new car. Although I have credit, I do not have a job. Am I still able to get a car loan? My mom's credit is "good" however, when she went to her local credit union she was denied a car loan because she has a judgement, we're thinking its from a computer bill. Could she still get some type of loan if she finances with a car dealership since they aren't as strict as a CU? Thanks for any responses

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Valued Contributor
StartingOver10
Posts: 2,993
Registered: ‎03-06-2010

Re: College Student and Car loan

My response will probably sound harsh to you. It sounds like you haven't been introduced to real life yet. 

 

1) If you don't have income you can't finance a vehicle.

 

2) IMO, asking your mother to obtain a loan for a new vehicle while you are still in school is not the right thing to do. If she has a judgment from not being able to pay for a computer, how do you even want to saddle her with a car loan?  Besides what if she needs something like a vehicle while you are in school for the next X number of years? Then you have used up her ratios to purchase a vehicle for you and she is in a tight spot. It's not very nice of you to use up her credit on something that you don't need while you are in college.

 

Finish school. Get a job and then buy a car you can afford.

Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: College Student and Car loan

[ Edited ]

Tokio_Love wrote:

Hi, I'm new here but have been stalking for a while.

 

Anyways so I'm in college and I have a car under my moms name. I want a new car. Although I have credit, I do not have a job. Am I still able to get a car loan? My mom's credit is "good" however, when she went to her local credit union she was denied a car loan because she has a judgement, we're thinking its from a computer bill. Could she still get some type of loan if she finances with a car dealership since they aren't as strict as a CU? Thanks for any responses


Hi and Welcome to myFICO forums!

Its likely that with a judgment on her reports, you mom will not be able to obtain financing for a car. Usually, a recent unpaid judgement will drop credit scores into the "bad credit" score range. She should figure out what the judgement is for, and offer a pay for dismissal... or offer payment in full for it to be vacated...

 

If she was never served or if she doesn't owe the debt then she can ask for the judgment to be vacated on those grounds.

 

I am hearing in your thread that you want a new car.  I think that a new car is not appropriate for students, because the vehicle invariably ends up being damaged in the parking lot by other students.

 

Second of all, you won't be able to get financing unless you have a job. My advice would be to make do with what you have and be grateful for the car that that your mom bought for you.  You should look into buying a new car when college is over, or you obtain employement which would allow you to pay for a car.


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jm00ser
Posts: 156
Registered: ‎07-11-2012

Re: College Student and Car loan

Definitely agree with all that has been said. I was blessed that my parents were able to give me a hand me down, an old Volvo 240. Was it the coolest or fastest or even the best smelling car? No, but it had no payment!

There are some days where I wish I had it just to not have a car payment!

Be patient, and get that job out of college. You'll have it in no time!

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New Member
Tokio_Love
Posts: 3
Registered: ‎05-08-2013

Re: College Student and Car loan

Just now seeing responses. Thanks for all the replies. Haha I'm not being a spoil brat. She wants me to have a new car (its her idea). Well what about a pre-approved captial one loan. We just got another in the mail with a fixed rate and the voucher is ofcourse "up to 30k". She has about 2 credit cards with capital one with a 1k limit on each and she pays on time. Is there still no hope for us?

Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: College Student and Car loan

[ Edited ]

All parents want the "best thing" for their kids.  The definition of "best thing" can vary from household to household.

 

The discussion is centered around the idea of need vs. want.

 

Sometimes, the "best thing" for a son / daughter may not necessarily be a new car, but its sometimes hard for us parents to separate the desire to give children what they need versus what their children want. 

 

Sometimes its even hard for parents to separate out what they "want" to give their kids vs. what they "need" to give their kids.

 

If you give a man a fish, he will be fed for one day.  If you teach a man how to fish, he will never starve.

 

I say this in the best possible way...  I would love for you to learn how to fish :smileyvery-happy:

 

 


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New Member
Tokio_Love
Posts: 3
Registered: ‎05-08-2013

Re: College Student and Car loan

Fine Fine Fine! lol. Thanks for advice on life rather than just saying no its not going to happen. Regardless we will still try, and if it doesn't work my dad can just buy the car.

Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: College Student and Car loan

If your dad is willing to co sign, that may be a viable option but usually I do not advocate co signing because it can cause rifts in families.

Good luck!

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Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: College Student and Car loan

[ Edited ]

webhopper wrote:

All parents want the "best thing" for their kids.  The definition of "best thing" can vary from household to household.

 

The discussion is centered around the idea of need vs. want.

 

Sometimes, the "best thing" for a son / daughter may not necessarily be a new car, but its sometimes hard for us parents to separate the desire to give children what they need versus what their children want. 

 

Sometimes its even hard for parents to separate out what they "want" to give their kids vs. what they "need" to give their kids.

 

If you give a man a fish, he will be fed for one day.  If you teach a man how to fish, he will never starve.

 

I say this in the best possible way...  I would love for you to learn how to fish :smileyvery-happy:

 

 


+1

 

OP, listen up! Don't let your parents waste all this money on you. Just because they will, doesn't mean they should.

 

A car is the worst thing they can help you with. There are many cheaper forms of transportation than a new car.

 

Get a job, then get a car you can afford. Maybe your parents can help you later on something wiser, like a down payment on a house? Although, it doesn't seem like they are in a position to help you. They probably need to be focusing on themselves right now and getting geared up for retirement.

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Community Leader
Valued Contributor
StartingOver10
Posts: 2,993
Registered: ‎03-06-2010

Re: College Student and Car loan


Dustink wrote:

webhopper wrote:

All parents want the "best thing" for their kids.  The definition of "best thing" can vary from household to household.

 

The discussion is centered around the idea of need vs. want.

 

Sometimes, the "best thing" for a son / daughter may not necessarily be a new car, but its sometimes hard for us parents to separate the desire to give children what they need versus what their children want. 

 

Sometimes its even hard for parents to separate out what they "want" to give their kids vs. what they "need" to give their kids.

 

If you give a man a fish, he will be fed for one day.  If you teach a man how to fish, he will never starve.

 

I say this in the best possible way...  I would love for you to learn how to fish :smileyvery-happy:

 

 


+1

 

OP, listen up! Don't let your parents waste all this money on you. Just because they will, doesn't mean they should.

 

A car is the worst thing they can help you with. There are many cheaper forms of transportation than a new car.

 

Get a job, then get a car you can afford. Maybe your parents can help you later on something wiser, like a down payment on a house? Although, it doesn't seem like they are in a position to help you. They probably need to be focusing on themselves right now and getting geared up for retirement.


+100 and you are much more tactful than I am in getting the important points across.

Webhopper and Dustink have nailed it. Nothing more to add other than "I agree"


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