Loan at 17?

[squeak9798 5,000+ posts]

How old are you tho

26 //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

 

[Flipx99 5,000+ posts]

squeak > hicks
//content.invisioncic.com/y282845/emoticons/tongue.gif.6130eb82179565f6db8d26d6001dcd24.gif

I could also give a shit less what my score is.

flip > hicks as well

Since I got my loan for the house....no worry about FICO either.

 

[Lingerfelt 10+ year member]

Most of them have the ability......it's the willingness to pay that they lack.

I once had a cosigner return a letter to me with a note scribbled on it requesting I insert that letter into my anus //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

Wow, classy.

 

[Ferendon 10+ year member]

Under 18 = no legal contracts

If the parents sign for it, and keep him off the note, it will happen, but then they are on the hook. If they buy for him after he is 18, without him on the note, then it's a straw purchase, which is a felony. Best case scenario for his dumb ***, wait til he's 18, and get one of his parents to co-sign for him. At 17, he'll get laughed out of the bank. That means he's got until the time he turns 18, to save up as much cash as he can, to shrink the size of the necessary loan.

 

[UberAudio 10+ year member]

A loan at 17 is impossible since he's 17..

duhhhh...

 

[HellsRise 10+ year member]

I do as well. Now you know two.

Now you know three //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[quest51210 10+ year member]

Thats what I told him but hes pretty prodominant on getting this loan.

i lol'd

 

[ljbaron 10+ year member]

I was thinking and if he got the loan for say 72 months. Thats dirt cheap. Hell the payments would be so low. So I don't get why everyone is saying oh hes gonna be in financial ruin. If he makes the $300 a month payment which is dirt cheap, there should be no problems.

 

[ljbaron 10+ year member]

If you think about it....most people can make $300 in what 4-5 days of working?

 

[_JaY_ 10+ year member]

i just turned 19, was gunna buy a 28k tahoe for my b-day. ended up just waiting till i finish paying off my current loans and buy a nice car since i have a truck already..i got my first loan 3 months after i turned 18, no co-signer 700$ down, 6k for my truck. got my taxes back, jan took another 5k out for a boat. hell i got 11k in debts. before i even turned 19, i am 1 month of being 19, had one loan for 9 months and other for 5, one has 9% other has 7.5%...i only owe 4k, 1k on truck and 3k on boat. i have perfect credit, just short. im working at my job just rolled 6 months. getting paid 16.35$ an hour all benefits and insurance at the age of 19.this coming fall i'll own my own trailor...saving 2-3 years to buy a house.

 

[Flipx99 5,000+ posts]

I was thinking and if he got the loan for say 72 months. Thats dirt cheap. Hell the payments would be so low. So I don't get why everyone is saying oh hes gonna be in financial ruin. If he makes the $300 a month payment which is dirt cheap, there should be no problems.

The amount of interest one would pay on a 72 month loan astounds me.

 

[ljbaron 10+ year member]

Ah true that. I never thought about that.

 

[_JaY_ 10+ year member]

The amount of interest one would pay on a 72 month loan astounds me.

good luck getting a loan for that long, most auto loans arnt longer then 48 months moreless the fact at that age most people don't keep a vehicle for longer then 1 year....

 

[duece212 5,000+ posts]

good luck getting a loan for that long, most auto loans arnt longer then 48 months moreless the fact at that age most people don't keep a vehicle for longer then 1 year....

A 6 year loan on a depreciating asset is just a bad idea. Smart buyers won't do that, buyers that want to buy more than they should do.

 

[dman4486 5,000+ posts]

turns out I am getting 0% fixed for 36 months