Loan at 17?

[its_bacon12 10+ year member]

my last loan i had to get myself.. no cosigner.. ****in 11% loan man. i'm gonna be paying back 30k on a 12k loan when i finally pay it back

 

[Lingerfelt 10+ year member]

my last loan i had to get myself.. no cosigner.. ****in 11% loan man. i'm gonna be paying back 30k on a 12k loan when i finally pay it back

11.4% on 7K for me, no cosigner. Woot being 19. //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

 

[benchambers80]

Don't feel bad, I know some dumb ***** paying 14% on a peice of shit.

 

[ljbaron 10+ year member]

Well he is gonna be paying at least 6% if he is lucky on each dollar, per year.
If he makes so much he should save and earn 3% until he can afford the car or whatever

The car hes looking at is around 15K. I think he has a little money in the bank. And 3% of 15K is $450.

 

[WillyG4444 10+ year member]

haha he wants to get a 15k loan for a car at age 17... encourage his dumbass to do it for shitz and giggles

 

[icpurplepplalot 5,000+ posts]

It will have to be in his parents' name since he is underage. A minor cannot be signed legally into any abiding contract.

 

[Flipx99 5,000+ posts]

I borrow and pay 5.55%.

For those who say don't borrow, I question it.

Although I would probably not every pay more than $10k for a vehicle, borrowing money is not such a bad thing. I am also very curious why you pay such high rates? I thought I was getting robbed at 5.55%

 

[HellsRise 10+ year member]

Are his parents ****ing retards? I had to do a SHITLOAD of work, begging, and proving for my parents to cosign a loan for $5k.

 

[da box king 10+ year member]

I just got a loan by myself for 14k with 5.25% interest, which is the lowest auto rate possible.....and I'm 19

...your friend best be carefull to not **** over his future tho

 

[Flipx99 5,000+ posts]

Are his parents ****ing retards? I had to do a SHITLOAD of work, begging, and proving for my parents to cosign a loan for $5k.

Different parents have different attitudes towards risk.

 

[dman4486 5,000+ posts]

I am getting 5k at 3.99% to pay for my new bike

dealership did some hunting for me

 

[duece212 5,000+ posts]

My truck loan is at 0.9% interest. Can't argue with borrowing at that rate //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

A 17yo kid starting 15k down is just a bad idea though. His parents would have to be on the hook, not even sure a bank will put a minor on the note.

 

[btdickey99 5,000+ posts]

My buddy is under age (17). He just started a new job, hasn't even gotten a pay check yet. Hes wondering if your able to get around a 15K loan under age. He knows he will have to have a co-signer, his parents are willing to co-sign for him so thats not really a problem. But even with him just starting work and with a loan that large, do you think they will give it to him?
//content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

not without a co-signer.... most likely if they did get him for a first buyers program they would ask for proof of employment(such as a pay stub)

3 things banks look for to give a loan

*Ability- does he make enough to pay for his loan

*Stability- length of time at residence, job, paying for other loans

* and Money Down

 

[lilmaniac2 5,000+ posts]

at the age of 17 no bank is going to loan money without a cosigner, reason being is anyone under the age of majority ( 18 ) can say at any time, hey i dont wanna pay this off and just return the merchandise. Nothing they can do about it

 

[squeak9798 5,000+ posts]

It will have to be in his parents' name since he is underage. A minor cannot be signed legally into any abiding contract.

//content.invisioncic.com/y282845/emoticons/word.gif.64b12e39f936af3b4fff38a1c0bd0244.gif

No (decent) bank will allow a 17yr old to sign on a loan.

Though I would highly recommend both your friend and his parents rethink this. $15k is a big loan and relatively big payment for someone with (likely) virtually zero financial responsibility, experience or obligations. Parents are always okay with cosigning for their kids until the kid flakes out and the parents are stuck with another bill they can't pay. Then they get really pissed off when their wages start getting garnished @ 25% for their kid's debt which was originally for a vehicle that nobody in the family owns anymore (since it got repo'd).

Yeah, seen this one play out a time or two.