Auto Financing Advice
Auto Financing Advice Ok, so here's the deal. I'm selling my 2008 HHR to buy another pickup, but I have an issue. I have a buyer lined up that it 20 years old and he is having issues getting approved due to lack of credit history. I know the market sucks right now as far as loans, but does anyone else have ideas on how I can work this out? The bank still holds the title on it. Are there certain banks/credit unions that help to establish young people's credit or will work with them in any way?
Thanks fellas!
Thanks fellas!
that sucks to hear man. really wish i could find a way to help him out, but i don't want to do it by risking my credit. i work with him, and i know he's a good guy, i just don't want to get hosed.
he needs a solid car for his wife and child too
he needs a solid car for his wife and child too
When I sold my Monte Carlo SS, my dad and I worked out a deal with the kid who bought it. We got all of his contact information and then worked out a payment plan for six months. The kid never missed a payment, so there wasn't an issue. A few months later, he went to apply for a loan and was asked about previous payment history. He told the bank about buying the car from us and they said they would accept a letter from my dad, stating we had received payment promptly, etc. My dad wrote the letter and the kid got approved.
That said, this was a relatively small amount of money, and it was in 1997, so the market didn't suck major ***** at the time.
-Mike
That said, this was a relatively small amount of money, and it was in 1997, so the market didn't suck major ***** at the time.
-Mike
Yeah I thought about doing something like that with payments, but I would love to just get it out of my name for good. I wish I had decided to do this like 2 months ago and maybe it wouldn't have been so damn hard.
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I had trouble the first time getting a loan as well. The best advice I could give is to go to a local small bank or family owned bank. Huge banks like Bank of America and Wells Fargo will almost always ask you for a co-signer unless he/she has a lot of income. Smaller banks will give you the option for either a co-signer or a downpayment. I'm about to get a loan right now for $10,000. I have to put down $1,500 because I don't have anyone to co-sign for me.
Good luck!
Good luck!
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His best bet would be to go to a local credit union and have about 10% to 20% to put down. It also depends on what the loan to value is according to NADA or Edmunds. The books are still fairly high, compared to current market value , on most of these vehicles. If you guys are near the Katy area, pm me and I can see if I can help