Soo, what do you think....

[babar]

I think I've said before, I had money troubles and screwed up my credit. I fixed it, and my credit is on the way to better, but it's still not perfect.

I live in the city. I barely drive anywhere, I take the L or the bus. I have a car that's almost ten years old. It doesn't run the best, but it gets me where I have to go if I need to drive.

So my dad (who buys a new car every four years) thinks it's time for me to get a new car. I told him my credit isn't good enough yet where I wouldn't have a huge interest rate. So he says that he'll co-sign!

First off, what's the big deal...I don't want a new car yet. And secondly (and most important) I would be humiliated that at my age I would need my father to co-sign a car loan for me!!! I have the money to make payments, but quite frankly, I don't want to.

So I told him no, but thanks, and he still thinks it's "crazy" that I won't get a new car.

So, would you have made the same decision? And what's the big deal if I don't want a new car???

 

[Cinderellafifi]

Sounds like your dad is just trying to help you out versus pushing a "new" car on you. If you don't want the car, he should respect your wishes.

However, I do not think you should be embarrassed in the least to have him as a co-signer! So many grown children still need their parents financial help - most need it when they are mortgaging a home. Perhaps you could get a certified pre-owned car?

Whatever you decide, I think it is great that your dad offered to help you. My family would not do that for me if I needed them.

 

[Daxx]

I suppose the biggest question you have to ask yourself is ... what, in the next few years, do you think will need replacing on your car and is it worth replacing ... or are you better off getting a new car. Does a new car outweigh the cost of future replacements/worries/hassles w/current car.

If you don't want a co-signer, there are dealers who work w/those who have bad credit. Find yourself a dealer like that. I know that, in my area, we have a few dealers who do that.

Good luck!

ETA - be thankful your father said he'd cosign ... sure beats having to ask him yourself! I know I'd be dying if I had to ask my Dad to cosign.

 

[C.Ann]

Very nice of your dad to offer, but why take on a car payment that you don't want - and more importantly, feel you don't need?

What you might want to do though - IF you can afford it - is take the money you would have used each month for a car payment (or even half of it) and tuck it aside for when you DO need/want a newer car..

 

[Daxx]

What you might want to do though - IF you can afford it - is take the money you would have used each month for a car payment (or even half of it) and tuck it aside for when you DO need/want a newer car..

That is a fantastic idea, C.Ann! No better way to get that cash ready "just in case".