03-17-2013 04:39 PM
Before anyone says it yes Iknow buy outright. That being said I'm trying to help my young nehew out with his first purchase. His CCS is 0 because of no prior credit history so looking into a first time buyers program.
We went one of those "Buy here pay here" placesyesterday and if I was that type of person I would've cursed the sales person out!
First off they had us waiting for 2hrs yes 2hrs before they got around to us saying they were short staffed, which should've been a sign to leave right there! Why have him make an appointment and have people waiting like that?!
Then they were trying to sell him a 2001 Escort 70k miles for get this $440mo and that's not even including insurance!! I was like Really dude!!
Any advice I can use to help him out would greatly be appricaiated.
Thanks in advanced!
03-17-2013 04:57 PM - edited 03-17-2013 05:00 PM
I don't recommend anyone buying a car with no credit history especially on limited income which i'm assuming is true in his case. i got my first loan at 19 with about a year history with 2 credit cards. i was required to have a co-signer.
If he's unable to find a good co-signer i would suggest looking at building some history on some secure credit cards and wait about a year and try to apply at a dealer. If he must have a car i'd suggest finding one local. get a good mechanic and find one on craigslist. Avoid buy/here pay here unless u know a good mechanic..those places don't care what happens when you leave the car yard. most of those cars are vehicles that people give to charity and are sold at auctions.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO