HappyGrace Posted May 11, 2012 Share Posted May 11, 2012 he lands a good paying job? Like within a week after he lands the job? Would one of those "no credit, no money down" type places do this kind of thing? He has no other bills so even if they kill him on interest it would be ok. He just needs a car to do the job. He assumes for car insurance he would just pay the insurance in installments as he starts getting paid. He has no credit history, negative or positive either. Asking for a friend. Thanks! Quote Link to comment Share on other sites More sharing options...
stephanier.1765 Posted May 11, 2012 Share Posted May 11, 2012 In our experience, no. We have a 21 yo son who does have several years of work history and several thousand in the bank who still can't get a car loan. About 6 months ago, he got a credit card and buys himself small things on that, vs paying out of pocket, so he can show that he is a reliable debtor. We'll see if that pays off for him or not. It's very frustrating. Quote Link to comment Share on other sites More sharing options...
TXMomof4 Posted May 11, 2012 Share Posted May 11, 2012 They can around military bases. Bring in your pay stub - drive out. Quote Link to comment Share on other sites More sharing options...
Mommyof4ks Posted May 11, 2012 Share Posted May 11, 2012 Yes, we got a house on a letter from dh's employer that he is employed and will make X amount each year. He may need to get a letter, he may pay a higher interest rate, but it can be done assuming he is looking for a Honda Civic and not an Escalade :D. Quote Link to comment Share on other sites More sharing options...
Sneezyone Posted May 11, 2012 Share Posted May 11, 2012 In my experience, ppl with no credit have access to fly by night operations and usurious interest rates only. These lenders also prefer to work with those who have a military/government pay stub in hand because they can more easily garnish wages for nonpayment. Quote Link to comment Share on other sites More sharing options...
TXBeth Posted May 12, 2012 Share Posted May 12, 2012 In our experience, no. We have a 21 yo son who does have several years of work history and several thousand in the bank who still can't get a car loan. About 6 months ago, he got a credit card and buys himself small things on that, vs paying out of pocket, so he can show that he is a reliable debtor. We'll see if that pays off for him or not. It's very frustrating. With several thousand in the bank, why not just buy the car outright and avoid interest and hassle? ETA: Sorry, just realized you didnt ask for advice. I wasn't paying enough attention and thought you were the OP coming back with more information. Quote Link to comment Share on other sites More sharing options...
OrganicAnn Posted May 12, 2012 Share Posted May 12, 2012 Those places that will sell cars with just a pay stub - very high interest rates and very poor quality cars. If at all possible buy from somewhere else - friends, newspaper, etc. Quote Link to comment Share on other sites More sharing options...
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