Quote:
Originally Posted by Kurt V
Lots of kids with no credit love the BMW's. If daddy and mommy won't pony up the bucks they can't get financing.
|
Count me as one of those. My parents and I have discussed helping me buy a new car and then turning all auto expenses over to me, but thus far they have made no real effort to talk to me about it in terms of actual dollar figures. I am beginning to consider the possibility of just trying to do it on my own as the rust on the 525 is starting to look really bad.
When equifax was giving away the credit scores for free a few weeks ago, I signed up and checked mine. It was 797. I have had bank accounts open for 14 years, and have a credit card in my own name for about 7 months. I have never carried a balance. In addition, I have had a joint credit card with my parents (all charges between the 3 cards are on one bill) and it was my understanding (according to the banker) that those charges were helping my score as we spend big money every month on the cards but always pay in full.
Given all that, would a college student with no job and no income have any realistic shot at getting any type of decent rate on a used car loan for approx. $10,000? (I would put $5K-$7k down and then finance the rest).