Approval Odds For An 18 Year Old College Student?

[Anonymous]

You’re definitely right. It is a bit risky but I have failsafes in place. This is the car I never plan on getting rid of. And yes, I will be living rent free probably for another 7 years due to my parents not wanting me to live on my own.

[Anonymous]

SEMO,

My schooling and living expenses are all payed for. In 6 months I’m sure the car I want will depreciate a little bit and I will take on those savings. I will also acquire more money for a larger down payment.

[Anonymous]

Another option (if all else fails) since sounds like finances are in order...

Have your parents purchase the car (or take the loan on it)

Then just have a written agreement between you and them that you pay $xxx each month

until paid in full.

And you can just do a small amount SSL for credit building purposes.

This may be $500-3000 

Read up on SSL on the myfico forum.

[Anonymous]

You may have to be careful with that option, many bank's would consider that scenario a "straw purchase" which is against their dealer agreement's with dealership's. Most banks prohibit people financing vehicles for another person's use if that person is over the age of 18. For example Mom financing a car for a 21 year old son would be considered a straw purchase by many lender's, and the son would need to be on the loan. If the Mother is financing a vehicle for a 16 year old, that would be fine considering the child is under the age of 18. Another situation, at least in my state, would be if a husband wanted to finance a vehicle for his wife, that would be okay since they are married.