08-23-2013 05:22 AM
Good morning guys and girls!
So Im usually hanging out in the Credit Card area but today I have a question for you Auto loan gurus.
Heres the situation.
A couple years ago my dad signed to purchase truck for me as my score was way too low and the interest rate would be too high (even if he co-signed). I simply pay him the monthly note and he pays it for me. Great in the aspect that I got the truck that I wanted but bad in that I have no loans on my report. Ever. And its on his report and we both would like to change that.
What is the best way to go about me "buying" the truck from him? The truck is not paid off so the Credit Union he used for the initial purchase has the title so should I apply through them (San Antonio Credit Union I believe) or go through another credit union? I just dont want to go through another credit union and it take them forever to work with the orginal credit union to sort it all out....if that makes sense. I want to make sure I take the path of least resistance and do it the best possible way. I really am new to this all so I have no clue what the first step would be.
Any and all feedback would be great! This would be my first time going for a loan, my score is all credit cards as of now. Thanks!
08-23-2013 06:07 AM
Go back to the same CU to start. First, find out if they finance private party sales because that is what you are doing, "buying" the truck from your Dad. It might be a little easier with the existing CU because it is really just a refi.
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