The issue being the credit check. I have good credit, but I have not had a job in a while. This obviously effects the decsion on wether to give me a loan or not. I have more than enough money to pay for a nice car.
2007-05-22 13:13:28 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
well, i had my son financed via GMAC by co-signing his loan since he has no income himself. since you are saying your parent give you an allowance why not work a deal with your parents were they would let you make the payments out of it in return for co-signing. that seems the most sensible solution.
2007-05-22 22:43:25 · answer #1 · answered by jandrkeller 4 · 0⤊ 0⤋
How old are you, that you have good credit, but receive an allowance from your parents?
No, without a source of income beyond your "allowance", you're not likely to get a loan from a commercial source. Your best bet would probably be to ask your parents to take the loan, and deduct the payments from your allowance.
Or if you mean you have more than enough money saved to pay for a nice car, then go ahead and buy it and pay cash for it.
Is there some reason why you "haven't had a job in awhile"? Getting a job might solve your vehicle loan problem.
2007-05-22 14:25:02 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Let your parents cosign the car loan and make the payments. They will get a far better interest rate than you could. Also ask them to put you as an authorized user on one of their credit cards which will boost your credit score to meet theirs. But, get yourself a job even if it's part time and start socking money away in savings. You will want to be self supporting at some time in your life.
2007-05-22 13:20:09 · answer #3 · answered by Anonymous · 1⤊ 0⤋
if you have enough to buy a car, then why would you need a loan?
if you need a loan , no bank will give you a loan based on your allowance. They are going to want your mom and dad to co-sign the loan.
2007-05-22 13:19:45 · answer #4 · answered by bigdonut72 4 · 0⤊ 0⤋
An "allowance" from your parents is not considered income. With no income, it is very unlikely you would be able to get a loan. Not impossible, but very unlikely.
2007-05-22 13:18:12 · answer #5 · answered by Brian G 6 · 0⤊ 0⤋
So you're paying cash? Then you can buy the car as long as you can pay insurance and tags.
2007-05-22 13:17:28 · answer #6 · answered by Venita Peyton 6 · 0⤊ 0⤋