Have a question about financing a car?

Question

my mom wants too put a down payment and help me with payments on a car but in my name because she doesnt want it too effect her credit is that possible ?

Update:

but it would go completely off my credit score *

Answer 1

Favourite answer

well if you have great credit that is possible if not then she would have to co sign for you

Answer 2

You want a car in your name only? Are you at least 18 years old? Do you have good credit? Do you have a steady full-time job making sufficient income to cover payments and insurance?  

I didn't think so. Either your Mom is going to have to buy the car, or you go without. You name can be on the title with your Mom, but not on the car loan. Even if she co-signs with you, it doesn't help if you don't have a good job -- and it goes on your Mom's credit as well as yours.

Answer 3

Yes. It's called "you buying a car."

Answer 4

Only if you qualify for the loan in your name only. Where the down payment comes from and the payments each month won't matter. They will look at the loan amount and your credit history.

Answer 5

Lenders don't care where the money comes from for a down payment, and they don't care who makes payments, as long as they get paid. If you can qualify for a loan on your own (sufficient credit/credit history, minimum $1700 per month income, and 6 months of unbroken full-time employment), then it only affects your credit, as she won't be on the loan at all. If she cosigns, then it affects your credit equally. 

Source(s): 21 years retail auto sales experience.

Answer 6

Somebody should correct me if I am wrong, but it will not affect your mom's credit as long as she does NOT co-sign the contract.

Answer 7

Is only possible if you qualify based on your credit score & income. Where the down payment came from is not relevant.

Answer 8

No.

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Answer 9

it might be possible or your mom wouldnt offer to do that

Answer 10

As long as she doesn't sign any paperwork and only gives you money then its entirely possible.