@Anonymous wrote:
I am planning to purchase my first car soon but I do not work yet, I do have income though. And my father would possibly co sign or take it out in his name if I'm declined at worse. I wanted to try and take it out on my own first and see what happens.
My Fico score is 766 (pulled today 8/27 from equifax), and my scores from Experian, Equifax, and Transunion are 780,791, and 791, respectively.
I'm looking to purchase a used Challenger r/t and would put a down payment of around 7-10K, with the car being around 23K.
Was curious if there would be any chance anyone would finance someone at 19 with no job and possibly no proof of income besides bank statements showing a couple thousand in the bank monthly. I have cash assets as well.
Would I possibly have a better shot having my father cosign or would I just be better of having him finance it altogether?
I've read that sometimes income verification is sidestepped based on the strength of your score.
All my credit accounts are good, never missed a payment.
I'm under all my father's accounts and my credit reports reflect all his accounts as mine and being in good standing for 18 years.
IMO at your age the score doesn't even matter, it's the actual credit file that matters. AU's get some artificially high scores, and lenders see right through it. The good news...an auto loan is a secured loan...the bad news, banks don't want to lend money to people with little or no history. The ones that will, well they are going to make you pay for it. Expect double digit interest rates to get something in your name only.
I would advise you to try alone, and have your father in hand to immediately cosign when you are denied. The very same day go get a secured credit card in your name alone unless you think you can get one on your own (think credit union here). You have plenty of down payment, so pulling back the $500 isn't a big deal to get a secured card, maybe you already have one I don't know.
At this point you are ready to sit back, make your timely payments, and allow some credit history that you own to accumulate. After a year or so you're probably ready to let go of dad and get his credit file off of your report. Go it alone and build up until you arrive at an excellent credit position while still being young in your 20's, which is an excellent position to be in.
