Edmunds Answers

Answers

  • MrShift@Edmunds 09/01/09 11:45 am PST

    Well that's smar of you. I suspect that your son's REAL problem is that his appetite is bigger than his wallet---probably he's looking to buy a brand new car rather than a good used one?

    I'd say, yeah sure, his age is against him, as well as his score, but maybe also the amount of money he's trying to borrow.

    If he has to drive something old for a few years until he builds up better credit, well that's what he has to do then. Money's tight right now for people with his demographic and score.

    I also hope he doesn't bite on some high interest loan offer from a dealer "mouse house" (dealer's own financing).


  • morin2 09/01/09 10:00 pm PST

    He should get a car that doesn't require a loan.

    I also think you are 100% right.

  • oldfarmer50 09/03/09 4:47 pm PST

    Best way to build up credit score is by borrowing and repaying on time. Suggest he buy a used car within his credit range with a short term loan. Once he has paid that off his score should improve enough to get a better one.

    Better way of course is to save up and pay cash.

  • bigdadi118 09/16/09 11:04 pm PST

    For a young guy to build up credit history. Start with a used car within the budget, even he can buy with 100% cash, have to borrow $2 - 3K and repay monthly on time (direct transfer) or even pay off the loan earlier.

ADVERTISEMENT

Top Car Financing Experts View More

Rank Leader Points
1. MrShift@Edmunds 1010
2. Stever@Edmunds 960
3. morin2 775
4. knowledgepower 705
5. karjunkie 320
6. isellhondas 295
7. boomchek 280
ADVERTISEMENT