Quote:
Originally Posted by Ant
I had that car last year, and it was in my Mom's name. What makes you think I could have gotten a loan at 17/18 and not 19?
I don't care who thinks it's a good idea, and who thinks it's a bad idea. I posted a simple question asking about the title for the car. Not financial advice, Suze Orman.  |
Well, that proves my point in the eyes of the bank you didn't have a loan if you were paying your mom for the car. I doesn't matter if you paid her every month on time to them. Thats why you need to get a lessor car to to get a loan the bank will give you and build some credit.To answer your question, my wife works for a bank and she said they would require the title holder of the car to be on the loan. If your really hell bent on this and grandma's willing to pay why don't you have her co-sign your own loan. Some banks will even let her co-sign for only part you don't qualify for. I believe you said you wanted her to take the loan in her name to get a lower rate. Well, your going to be paying her for a car and still not earning a credit history because the loan is not in your name. What happens the next time you want a loan? Your right back to the samething because eventhough you paid her to the bank you still have no credit history. If you must have it get her to co-sign, pay alittle higher rate, earn some credit history, and the next time you'll be able to do it on your own.
By the way, if you can't aford the car due to the higher rate loan that you could get then you really can't aford the car.