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.


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 and buy your credit report with your FICO score for about $20. It's worth it to see where you stand.Good luck. :)


$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


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



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