Is there a dealership or financial business that takes a chance on someone.......?

Question

who is 19 with absolutley not credit... my son is 19 and worked his job for a year and half, staring college in a week and very good with finances, well alot better than I am. I was gonna co-sign but my credit was what they call over extended to be able to qualify. Surely there is a dealership or financing of some kind that would help him. He has saved up 3000 for a down payment and is selling his current car to a family friend. Please help

Answer 1

Be careful of any financing under your circumstances.  I doubt anyone would lend him money to buy a new car.  Some used car dealers will lend money if you have a sizable down payment.  Usually the down payment amount is what the dealer paid for the car.  The interest rates are usually out of sight.

He should consider buying a car for the amount of money he has, if he needs another car.

Answer 2

What your son is needing to prove to a potential lender is that he has good credit, or that he knows how to make monthly payments.

I would advise him to get a very low interest credit card of some kind, and to not go crazy spending by any means, but to use it to prove that he can make monthly on-time payments on a continuing basis.

This is something he would have to prove in the future in other cases, too (like buying a home, or home furnishings, etc.)

Unfortunately, in this day and age you have to prove that you don't really need credit in order to show that you can be trusted with credit.

Also, there may be another trustworthy adult in your son's life, like an aunt/uncle or mentor of some kind, etc. (who may not be over-extended in their credit), can vouch for him, and would be willing to co-sign with him for his car.

Plus, GMC Financial, the branch of GMC that does the auto financing for their buyers may be a good choice.  They really helped our daughter get her first car, and I think, knowing your son's determination, might be able to work something out for him, too.

Hoping that all works out for y'all  !! Sounds like your son definitely deserves to get his car!

Answer 3

happy @ss?