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

Does anyone know of an auto accident doctor (orthopedic surgeon, chiropractor, etc.) in Alabama?
ask your primary care doctor or insurance company for a referral.

What are some key questions to ask a car shipping company?
First thing first - visit http://www.transportreviews.com/ They have over 5300 ratings and reviews of 336 auto transport companies.They don't have much in the way of educating you on the industry or what questions to ask though. For that you may want to check out: http://www.autotransporter...

What type of degree do I need for automotive insurance adjusting?
I believe it is mathematics. A friend of mine wanted to become an actuary and deal with doing insurance stuff, and she was studying applied mathematics.:-)

Auto Insurance discount along with online traffic school course?
For the most part the traffic ticket dismissal course is not the same one to get an insurance Discount. The dismissal course is longer and more thorough regarding laws, and signs, and DUI and all that Jazz. The course for getting a discount is usually called a Defensive Driving course where...

I am flying into Germany and renting a car for 10 days to drive around Europe, any tips for an American?
First, make certain the rental car is > fully < insured. Using a credit card that covers car rental insurance is best, and also check with your home car insurance to find out if it covers rental cars in Europe (most don't). At worst, bite the bullet and pay for the insurance offered by the rental agency. DON'T skip any of the coverage to save a few Dollars.Really do an inspection when you collect the car and note any dents/scratches on the rental agreement. Make the rental agency staff sign acknowledging the existing damage. Also really check to ensure the car has a jack & spare tire and warning triangle that are in good condition.Many European countries require that you purchase a tag or sticker to drive on the Auto Route (Interstate type highways). Verify with the rental agency that the car has all of the required tags/stickers for the countries you plan to visit. Note that it probably > won't < have the tags/stickers and you need to know when & where to buy them. Ask the rental agency staff.Check to see if the headlights are automatically On while driving. Many countries in Europe require the headlights to be on in the daytime and you need to remember to activate them if it's not automatic.Get a good map (a real map) in addition to the GPS. Also learn the meanings of traffic signs - some are the same as in the USA but many are not.If you have time, get an International Driving Permit (AAA issues them). An IDP is not actually required but having one can reduce confusion, and some car rental agencies may require them (in addition to your national driving license).The centers of large cities are both very crowded and have complex parking regulations. Don't try to park on the street - it's a recipe for being towed away (big fine + lots of trouble). Park in a paid lot or garage.Finally, if you can then collect the rental car the day > after< you arrive. Assuming you are traveling from North America you will be jet-lagged + disoriented when you get off the plane and that can be a problem.Source(s):Personal experience