How to Buy a Car for a SB

I need advice:

SB has very little reportable income and a FICO score about 550.

I want her to have the car financed in her name (to build her credit) and I will pay the monthly note. (I don't want to co-sign or leave tracks

Advice please

My advice is to find one that you can pay cash for. Have her title it, register it, and pay insurance for it in her name.

I can see all kinds of things going wrong with this. What would interest be with a FICO of 550? Also she will have to carry full coverage insurance, and with that credit score, that will be a huge payment. Unless you pay huge principal payments, the car will never be paid off. If you find a reasonable one, and pay cash, that will allow her time to improve her credit, and save some money to purchase something with a reasonable rate, and eventually be paid off. After all cars only depreciate, why go into huge debt? Just my .02

My credit score was 527 when I bought my Mustang GT brand now from the Ford dealership in early 2014. The car was only 35k, but I had to put 13k down to get approved.

So my advice is; be prepared to put down a LARGE sum of money.

The thing that would seem to do what you want and would be the easy way as far as building credit from getting a loan would be to pay cash for a car then go to lender and have HER borrow against it and make payments using the car as its own marker .

Other than that co signing are buy here pay here lots are out right

Building credit .

I always wanted to get his and her bull dogs and call them fico

One would be good fico and the other bad fico

Sit fico ,
Up fico

dont move fico
hey lady check out my good fico !!!

The OP should just get her a bus pass.

Don’t be a fool man. These chicks are for fucking and you can pay a bill now and them. Do not commit to making a large purchase. There’s a couple of sayings about fools and and their money and suckers being born that come to mind.

Advice please Originally Posted by cowfarmer

Don't do it.

There are "tote a note" places in most major cities. They often take as little as 1k down for a car and require very little as far as credit scores etc. She should be able to get the car in her name herself without problems depending on where she goes.

I agree with most people here, buy a cash car. You can get some pretty damn decent little runners in good condition for under 5k.

Help with baby steps. She can show responsibility by taking care of maintenance and upkeep.

After a year or so then think about upgrading.

IF you two are still together by then. If not, then you aren't out nearly as mush as you would be if you were on the hook for a brand new car.

As far as building credit, the first step is to clear up anything outstanding, then get a secured credit card and put a recurring charge on it and paying it in full every month. After about a year, as long as everything else has been kept in the green, she should be fine credit wise.

If she can't show responsibility with the small things, why would you want to burden her with a major thing like a 3 year car payment and insurance and maintenance?

Don't do it. Originally Posted by JohnnyYanks

I echo this. No sugar babe is worth screwing YOUR credit possibly over, by making this large of a purchase..

Here's what I would tell a SB who wanted me to buy a car for her:

"I'll buy you a used model that has some mileage and years on it but runs well and is in good condition for its age ... because I have reason to believe you're OK with that"

;-)

For me. If i won't buy my Brother or wife a car, why the hell would i buy one for a sugar baby??

For me. If i won't buy my Brother or wife a car, why the hell would i buy one for a sugar baby?? Originally Posted by garhkal

Your Brother doesn't wake up Mr. Willie.
Your wife probably doesn't either unless you are a newlywed.
A Sugar Baby, on the other hand...all of us guys know that when the little head wakes up, the big head lapses into a state of semi-unconsciousness...

I echo this. No sugar babe is worth screwing YOUR credit possibly over, by making this large of a purchase.. Originally Posted by garhkal

It wouldnt be on his credit you need to read what he wrote again

I don't have a brother and if I did he probably wouldn't give it up to me and my wife doesn't either so I would help a girl get a car that does give it up. O I already did that, I just made the down payment, monthly payments are her's. The rent on her apartment is an other thing. Lol

Go to her credit union and make a savings deposit of a size able to purchase a used car with. $2500-$4000 should do it. When they hand her the debit card take it from her and use that to pay off the rest of the car. That will build her credit (if you need to change the pin on the card to keep her honest )