Ok so i am 18 years old an am in my first year of college. I want to build credit so i started out by getting a captial one. Ive been doing good with that. I also have a 2005 Ford Explorer that i pay for monthly. The problem is that my car is in my dads name so its helping his A1 credit out even more while leaving mine at a standstill.
I know that there is no way in heck that the bank will transfer the lien and title to my name. BUT is there a way i can be added to the loan as a responsible party along with my dad. I know you can do this with credit cards. So shouldnt you be able to do that with a car loan. I added my name to the bank account with the car loan but that is only so i dont need my dad to make payments. He is still legaly fully responsible.
In about a little over a year my warranty will be up and the car will pretty much be a moneypit if anything goes wrong.
2007-01-07 16:57:20 · 4 answers · asked by Josh S 2 in Business & Finance ➔ Credit
Get a checking account and make checks out for the payment. Then you have a record of payments for the car. Show them to the bank when you want to do your next loan. Maybe after awhile they will consider adding you to it. Keep the card and don't over extend it! Keep doing well with it. Also, don't get anymore, they can get out of hand real quick. Maybe get just a gas card and pay it off every month. Hope this little bit helps.
2007-01-07 17:10:54 · answer #1 · answered by Shari 5 · 0⤊ 0⤋
Same thing happened to me. I bought a 2002 Ford Ranger right after I graduated high school (18), but it was put under my dad's name, even though I made all the payments, for insurance reasons.
I had a Capital One credit card, as well making every full payment not letting any interest accrue. I had a clothing store credit card for only about a year, but my credit grew through the years.
I recently bought a house (22) with the mortgage under only my name, so I guess just the credit cards by paying them off every month will help out?
Who knows, but I was able to get credit for a 124K mortgage, 5K art van. I dunno if this will help you, just giving u some examples that worked out for me
2007-01-07 17:12:20 · answer #2 · answered by blackedge02 2 · 0⤊ 0⤋
If your dad turns the title of the car over to you, the lien goes with it. Talk with someone at your local bank about this. The actual transfer of title is between the two parties involved. The bank comes into the picture only insofar as the lien is concerned. Talk this over with your dad. Also, if you have any kind of student loans, then you have established credit.
2007-01-07 17:07:55 · answer #3 · answered by Richard B 7 · 0⤊ 0⤋
Make the payments through a credit card you own. Then just pay off your credit card on time.
2007-01-07 17:05:51 · answer #4 · answered by i♥sf 5 · 0⤊ 0⤋