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| *Loan,banking and credit>>>auto loan |
I am presently a co-signer on my son's auto loan. He could not get financing when he applied for the loan.... |
He was a waiter and bartender at the time and could not verify enough income. He now has a salary job and I want to get the loan refinanced in his name. Since his credit is not perfect, I'm not sure the best place or places for him to begin the process. Has anyone gotten refinancing without perfect credit and where? Try his bank or Credit Union. Get your name off ASAP. He may have to pay the high finance charge, but didn't we all. lign="right" > Sign in to vote! You might try Wells Fargo, H.S.B.C. or Capitol-One. Weather or not they do it will depend on the history of the account. How many payments have been made and were they made as agreed. Special Finance Manager for over 7-years. lign="right" > Sign in to vote! I have been a mortgage broker for many years. Your son will need to prove income and residence consistently for 2 years. The proof of residence requirement means he will need cancelled checks or money orders to prove that he has been paying rent on time for 2 straight years. If his middle credit score is not 580 or better, he will need 10-20% down. His credit gets pulled from all 3 credit bureaus. The qualifying score is the one in the middle. If he needs to raise his credit score, I would suggest that he join the H.O.P.E. Network. This is a new organization. They are legal and VERY GOOD. H.O.P.E. stands for Home Ownership Program for Everyone. The mission of the H.O.P.E. Network is to RAISE YOUR CREDIT SCORES and prepare your credit profile to buy a home or a car, or to establish a business credit profile for new businesses or graduating students. You will be assigned a counselor who will work with you while you are enrolled. The counselor will use their expertise to ESTABLISH POSITIVE CREDIT ITEMS and eliminate negative items from your credit or negotiate them down or in exceptional cases, THEY WILL PAY THEM OFF. If you have lost your bank account due to NSF checks, the H.O.P.E. Network will provide you with a federally insured bank account while your credit is being rehabilitated. It takes roughly 3 to 8 months depending on your credit. There is a fee for the service. Let me know if there is an interest. lign="right" > Sign in to vote! |
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