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Archive for December, 2007

Question: Can a part-time worker buy a car with a Credit Score of 700?

My daughter goes to school full time and works PT grossing about $700 a month and wants to buy her own car. We don't want her running credit checks just yet with financing companies. What are her chances of getting a car without a huge down payment and no co-signer? (She's interested in a Ford Fusion.)

Answer: Her credit will be run at some point in her life anyway; so, it doesn't hurt to find a car for $175 a month which is 25% of her income.

The Ford Fusion, even at CarMax, will start at $15K and there's no way she can buy the car for $175 a month unless you co-sign or give her $10K as a down payment. You can put up the down payment and not be on the loan or on the title. Plus, your daughter will spend about $100 a month on insurance plus gas and maintenance, maybe $100 a month for the payment can be optimal.

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