How should I approach my father about cosigning a car loan for me?

How should I approach my father about cosigning a car loan for me?

I have 0 credit and my previous car was a Saab 9-3. My father borrowed the car for a few weeks. Only problem was that the oil was changed at 98000 miles and the odometer read, 110,000. He had told me that he is planning on replacing the clutch, water pump and chain, and that would require for the oil to be changed either way. So recently the car broke down after the oil cracked a seal in the turbo and forced its way into the engine. Long story short the Saab is out of commission. I'-m 18 with no credit. I work 40 hours a week at $10 an hour and have no bills to pay for. I currently drive my parents chevrolet Blazer to work, and school but just going to work and back will take a quarter tank of gas. I do no pay for anything on the blazer currently. I found a Volvo s60 for $13,000 and will pay for the monthly payment of the car with insurance. How do I convince him to cosign?P.s. I'-m a bit of a car enthusiast, that'-s why I would like to take the pain of a car payment off of the shoulders of my father and would like to work for the car I want.

Sparkles

No, No, No. I would NEVER ask someone to cosign for me. I'm not sure why cosigning is even an option. You're not truly independent and self-sufficient if you do that.Just keep the Blazer or buy something yourself.I honestly don't think you have NO credit. I think everyone with a social security number has a credit score.Here's what I'd do, take a year and keep driving the Blazer. Apply for 3 different credit cards (with SMALL limits) and start charging things like gas and groceries. Pay off the balances each month on time. After a year, you'll have a better credit score and be able to secure a car loan.Are you SURE you don't qualify for a car loan yourself? Have you tried? Look up Capital One Auto Loans, Open Road Lending, or Santander Auto Loans.I think if you work 40 hours a week and can prove what your income is, you can get a good loan for a car yourself.Go to Equifax.com and buy your credit report with your FICO score for about $20. It's worth it to see where you stand.Good luck. :)

I

$13,000 for a used car? I have owned 3 Volvos. While they are nice cars I would never buy or co-sign for my 18-year-old-son. Trust me when they break, as you know with your Saab they are expensive to fix. What is wrong with a Toyota, Honda, Kia, Hunydai? For $13K you can almost buy a new one? Especially the last 2 models. Drive your parents car, save a big down payment, at least 20 to 30 percent down and try to buy one on your own. Do you have a checking account? That is the easiest way to build credit.Source(s):experience

Brent

You don't convince someone to dig up a spare 13k...they either have it or they don't.

Ask

insurance

Popular Q&A

Can i operate ANY motor vehicle in utah without a drivers license?
You are pretty much stuck. You don't want to get caught operating a motor vehicle without a license - it could prevent or delay your license when you are finally old enough, and you'll be paying a much higher premium on your auto insurance once you do get licensed. It could also get your parents...

What do you think is the best, most reliable, and inexpensive AUTO INSURANCE company?
Esurance - go to their website www.esurance.comAfter having progressive and geico,, they beat both ratesTheir roadside assistance is affordable and reliableI have been with them 31/2 years and my insurance premiums have decreased each renewal.Source(s):http://www.esurance.com

What's the difference between bodily injury & medical payments on an auto insurance policy?
Bodily Injury coverage is a liability coverage. If you are at fault in an accident, it will cover the other party's injuries, treatment, wage loss and pain/suffering up to your policy limit. It will also cover injuries your passengers sustain in the accident, so long as (in most states) they...

My teen just got his drivers licence I can not afford to put him on my policy, will my insurance find out?
In most states, the insurance company must, by law, pay for any damage any member of your household causes, driving your insured car, whether they are listed on your policy or not. That is why they insist on you listing your son on your policy. Your insurance will go up because of your Son...

Can I go to traffic school in Michigan for a speeding ticket from California?
Most jurisdictions offer the class online - so check and see if that is an option.