Loan recomendations

[Repo Man]

HMMMMMM, I think I will need to talk to him on this, also I got another question...

why won't my loan company let me change the loan into his name to let him finish off payments???

In order to put it in his name, they have to approve him like they would approve anyone for a car loan. It's the same as him going to get a loan. Therefore he runs into the problem of him being 16. He cannot enter into a legal contract as a minor.

[Former_240_s14]

Gotcha, thanks for all the help repo and everyone, if anyone gets any other good ideas post, or email me.

[diet pepsi]

yeah it really sucks being underage.

[Repo Man]

yeah it really sucks being underage.

Yeah well, enjoy it while you are because you can never go back! And after high school, it goes fast.

[diet pepsi]

yes but now the banks refuse to give me the loan which severly limits my options when it comes to buying rubins car

[ninjak84]

yes but now the banks refuse to give me the loan which severly limits my options when it comes to buying rubins car

I tried doing the same thing.You're banging your head against a wall man. I tried for 2 months solid, and still got no where.My parents ended up loaning me the money, and I just paid them back.

[Bubba1]

I say save your money and don't be in such a rush to go into debt while in high school. Purchasing a car in HS without family assistance is expensive. Add on the registratration/insurance/gas/maintenance to the purchase price and that's a lot of pesos to kid working weekends Blockbuster.

[lessthanjakejohn]

ya you might very easily end up paying more than a grand month for that car

[maxnix]

He's not getting a loan because contracts are not legally enforceable against a minor.

Tell him to learn two very valuable lessons in life.

1) Cash doesn't just talk, it shouts.

2) If he can't afford to pay out of his pocket, he can't afford it, period. Interest is just a way of making you pay more for what you cannot afford. Limit it to your home, real estate investments, or business loans because of tax breaks. Do not use interest for personal property you cannot afford yet. Wait until you can, and you will be much happier and fiscally sound.

[neurovish]

He's not getting a loan because contracts are not legally enforceable against a minor.

Tell him to learn two very valuable lessons in life.

1) Cash doesn't just talk, it shouts.

2) If he can't afford to pay out of his pocket, he can't afford it, period. Interest is just a way of making you pay more for what you cannot afford. Limit it to your home, real estate investments, or business loans because of tax breaks. Do not use interest for personal property you cannot afford yet. Wait until you can, and you will be much happier and fiscally sound.

Would it be possible for you to get a 4k loan to....buy your car, and then have him cosign and make the payments?I wouldn't trust any internet company with a loan...I'd rather get one from that guy in the alleyway.Seems like you acting as the bank and having him make payments to you is the best option if you can't get the 4k from the bank...that 4k should help a bit in lowering your monthly payments for the bmw.

[Former_240_s14]

but i already have a loan out for the car now, wouldn't that cause a problem, and a minor can't even cosign from what i have been told.

[Bubba1]

Not only is financing a minor out of the question, so is trying to sell a car to a private party that you do not even a clear title on.You might want to chill out and pay off the loan first