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nursewithbadcredit

Auto loan with no credit

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My son just turned 18. I just added him as an authorized user on one of my credit cards. Other than that, he has no credit. He’s leaving for college in August and needs the money from his college fund to pay for school. He has a good job (for an 18-year old). But he needs a car! Any ideas on where I can get him financed?

 

I must add that I can’t co-sign. My credit is good, but my DTI is too high, I’ve been told. Unless you have some ideas there, also.

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What do you project his score is?  Many auto dealers will get an "automatic approval" on a higher score.  Alternately, a credit union can offer solid rates.  What type vehicle is it that he is looking for, etc?  That plays a big role.

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What is his source of income?  Absent a source of steady and verifiable income, no lender in their right mind should be approving a loan here...

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He’s been working for two years with the same company. He has check stubs. No certain type of car, just dependable. And, he doesn’t have any credit, other than being my authorized user.

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does he make enough to cover a decent down payment as well as the monthly payment and insurance?

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2 hours ago, nursewithbadcredit said:

He’s been working for two years with the same company. He has check stubs. No certain type of car, just dependable. And, he doesn’t have any credit, other than being my authorized user.

There are plenty of people out there who have a vehicle note as their first line of credit...the terms might suck, but if he can show that he has the means by which to afford the vehicle and ancillary costs, then getting approved for a reasonable used vehicle should not be a problem. 

 

Don't be a helicopter...he has to do stuff on his own.

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What would he do, in order to convince someone like me to get himself approved?  In other words, what would be the basis for my approval?

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Get a cheap beater car for like 3k. You don't need to go overboard and have a car with a payment because later on he may have to do some budgeting.

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