That’s going to be tough. Getting a credit card is hard enough when you’re starting out, so an Auto Loan is much harder. Luckily there are some programs out there for someone like him, but you’ll have to do a little research. I suggest looking into credit unions. I found a local credit union in my state that had something like that. Good luck to him!
If he is going to be working in a large hospital, they will often times have a credit untion in the hospital. I would say that would be a good place to start since they will be already familiar with his circumstances.
He makes $80k and lives at home rent free?
You obviously do not want to co sign a car loan?
You could make him save up $5k and give it to you in case he has an issue making the payment in the future.
He needs to build some credit. Secured cards, self lend, etc.
Prequal for Cap One, Merrick, Discover, Amex?
@Anonymous wrote:
Yes rent free. Pretty nice of me, but he just started the job and is continuing his education. He's taking over his college tuition and costs. I was hopefully going to get my car back if I can find him a loan with no cosigner. I just got 2 new loans this spring and dont need another. Worse case itll wait a couple months and he can buy a used car for cash.
If that's the case, I'd recommend he get a couple of credit cards now (secured cards if necessary) so he can start establishing his credit history. Starting payment on those student loans will also help. If he needs a car and is living rent free with that kind of income, he can certainly afford to buy a used car with cash. Then after a couple of years, and a more established history, he can try for the auto loan.