@Pineknot69 wrote:Hello, I have a current fico score of 607 equifax and I don't have current scores for experien and trans but will get them updated through quarterly monitoring in June. I already have a current auto loan with no missed payments through capitol one auto finance. I want to help my son get a used car for college. He is 18 and does not have credit in his name so I would like to see if I could get a small auto or personal loan with him and what my best course of action here would be. I have already applied for a personal loan with navy federal for 3500.00 and was denied today. Thank you.
Dealerships can usually finance first time buyers with a co-signer, I know people who have co-signed for someone with 0 credit with less than an 600. When shopping around for a car priced around $3500 you really need to take into consideration loan to value and reliability. Also I would hope that your son has some source of income other than you, that would help tremendously! Also for your soon look into student credit cards with low limits to teach him credit responsibility and to help build a credit score.
If you are able to obtain financing (even if it's a undesirable rate) have your son build his credit profile and maybe you even better yours and then refinance when the time is right ti bring the rate down or even trade in the car for something newer that he could be approved for! Also I know you were declined by Navy Fed but usually local CU's can work miracles as well.
