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Posted in Auto Loans
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LTrue

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22, Nanny, Cash Income, No Credit History, Need Auto Loan
My daughter needs a car loan. She is 22 with one more year of college. She is a nanny and earned $16,600 in 2013, but it was all cash deposits into her checking accounts and not claimed with the IRS. She has no credit history. Was even denied a secured card so it is very hard to estalbish credit. She needs a car loan. Any tips for her?

I am willing to cosign, but am in the middle of refinancing mortgage, so I don't want to do that if it is going to hurt my score."

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Does she have a checking account or debit card with any institution?  If not, she needs to establish one and then she can work with them and see if they will give her a "credit builder loan".  Credit unions are often easier to work with than big name banks.  However, it will take time for her to build up credit history, so she's not going to qualify for a decent interest rate for quite a while.  If you co-sign, that is a hit against your credit, it's same as if you're taking the loan out yourself.  Can she just buy a cheap used car for a year with cash and then build up her credit?  

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