Loan recomendations

Post by **Former_240_s14** » Tue Jan 14, 2003 12:58 pm

My buddy is 16 and he is tryin to buy my car. He only needs a loan for 4k , the rest he has saved up already. The banks we've called kept slammin the door in our faces saying he can't since he is only 16 and it dosen't even matter he has a cosigner.

Does anyone know how we can get him a loan for the needed money with a cosigner. He has a cosigner, but it ain't helpin matters.

He really wants this car, and I really want to sell it to him! Without sellin this car to him I can't get my BMW!!!

Please I don't want any sarcastic remarks and this is important.

Post by **theTony** » Tue Jan 14, 2003 12:58 pm

That's tough, becasue at 16, one has not had any real opportunity to build up any credit yet, and that is what the banks look at. Does Carl have a checking account or any kind of savings account at any bank? I would think those would be your best bets since there would already be some kind of history with an individual.

You would also think that it would not be that difficult regardless since the amount is so low. 4K is not a lot of money to borrow, but then again, banks don't like to loan out small amounts since it will be less money they would make back on interest and that is what they really care about in the end.

Post by **Anand** » Tue Jan 14, 2003 12:58 pm

the only way I can think of is if someone other than a bank loans it to him...his dad or another family member... at the least... have someone sign up 4 a credit card and do a balance transfer for free and get %0 financing for 6 mths to a 1yr...?!?!? just a thought

Post by **diet pepsi** » Tue Jan 14, 2003 12:58 pm

my parents are not willing to help out right now and so far the bank only lets me have a savings acount because i am under 18.

Post by **Former_240_s14** » Tue Jan 14, 2003 12:58 pm

This is the thing Carl that I don't understand. They would let you get a loan in your name and they would cosign, so what does it matter if they get the loan and you cosign for them and pay all the payments?? They should know that you will pay all of them.

Post by **diet pepsi** » Tue Jan 14, 2003 12:58 pm

my grandpa says that he already has too much debt with his van and trailer and isn't willing to even think about getting another loan. i'm trying to get him to realize that he won't be paying for it so that there is nothing to worry about but he is still real hung up about taking one out for me.

Post by **theTony** » Tue Jan 14, 2003 12:58 pm

I would suggest looking into some of the on-line companies, but I am real leary of those. Black240 had an OK idea with the credit card, but my personal experience with those would be enought ofr me to shy away from that too.

[off topic] I thought your screen name was "diet coke", not "diet pepsi" [/off topic]

Post by **Former_240_s14** » Tue Jan 14, 2003 12:58 pm

Well, all we can do is work on him, I think he will wake up and see that you are a lot more responsible than your prodecessor "sp?" aka "big bro Sam". You just need to work on him and bug the **** outta him. Also the bank won't give you guys that much grief since your taking a loan out for the car that is only HALF the actual value of the car!!!! You should also mention this too him. Keep workin on him man.

Post by **diet pepsi** » Tue Jan 14, 2003 12:58 pm

it got changed since it was diet pepsi that was put in the microwave, not coke.

Post by **theTony** » Tue Jan 14, 2003 12:58 pm

diet pepsi wrote:it got changed since it was diet pepsi that was put in the microwave, not coke.

Ooohhhh yeah!! That's right! LOL That it was indeed!!

Good luck with your grandfather though. You need to make him understand that he's only co-signing. That YOU will be paying it. I really hope it all works out!

Post by **PalmerWMD** » Tue Jan 14, 2003 12:58 pm

Me too

Fred...

Post by **Former_240_s14** » Tue Jan 14, 2003 12:58 pm

Do you guys think he would have a better chance with a credit union or like how tony said, a internet loan company???

Post by **Repo Man** » Tue Jan 14, 2003 12:58 pm

Is it his bank that has turned him down? Generally, lenders don't lend to anyone that is not an adult. He cannot sign a legal contract as a minor. What he'll have to do is get his parent's to sign for the car. It being his parents will keep it from being a straw purchase, which is illegal.

Who is your co?

Post by **Former_240_s14** » Tue Jan 14, 2003 12:58 pm

my co is Charter One from NY

Post by **Repo Man** » Tue Jan 14, 2003 12:58 pm

I mean who is his co-signer for your car? Would that person be willing to go it alone?

Post by **Former_240_s14** » Tue Jan 14, 2003 12:58 pm

the co signer if my dad, what do you mean go alone on the loan??

he still wouuld make me pay for the loan, and there is a lean on the car.

Post by **Repo Man** » Tue Jan 14, 2003 12:58 pm

Former_240_s14 wrote:the co signer if my dad, what do you mean go alone on the loan??

he still wouuld make me pay for the loan, and there is a lean on the car.

Ok, I guess I'm confused here. Explain this to me like I'm a 6 yr old.

I'm talking about Carl. He's the one trying to buy your S14, right? He's 16 and trying to get a loan? I was asking who his co-signer is and if that person would be willing to sign the contract by him/herself but have Carl make the payments.

Is any of that correct?

Post by **Former_240_s14** » Tue Jan 14, 2003 12:58 pm

Okay here, I am obviously the six year old.

Carl is wanting to buy it, and his grandpa would co-sign for him, but he won't take the loan out himself for some idiotic reason.

Post by **Repo Man** » Tue Jan 14, 2003 12:58 pm

He's going to have to work on grandpa then because he can't sign a contract himself at age 16. Good luck!

Post by **Former_240_s14** » Tue Jan 14, 2003 12:58 pm

Well, thats what I was afraid of, do you think a credit union would loan him the money if his grandpa cosigned?? and what about these internet loan companies??

Thanks for the help repo, I app. it. : )

Post by **Repo Man** » Tue Jan 14, 2003 12:58 pm

You've still got the problem that he is 16. He cannot legally sign for himself. Any financial institution will be bound by that legal restriction. Even if he were allowed somehow, by some local/state loophole, the lienholder would not be able to pursue him legally if he defaults on the loan. The co-signer, yes, but not him. I'm not saying he is going to default, but the bank doesn't make money by taking such risks.

No problem. I like to help where I can. Just call me the "Daunttless of Finance". Hehe.

Post by **redrocket** » Tue Jan 14, 2003 12:58 pm

Rubin Carl's grandfather I am assuming has been doing business at the same bank for many many years right he should know someone at his bank that can hook him up

Post by **Former_240_s14** » Tue Jan 14, 2003 12:58 pm

His grandpa is not exactly what you would call "cooperative", becuase Carls grandparents think I am the devil. lol

Post by **redrocket** » Tue Jan 14, 2003 12:58 pm

ahh I see that explains a little

plus is carl trying to get a personal loan or a car loan

Post by **Former_240_s14** » Tue Jan 14, 2003 12:58 pm

he is trying to get anything, and all he needs is 4k, the rest he pretty much has in cash. I really want to sell my car to him because he is like family and I trust him with it as well as I trust it with him. Plus I will be doing all the service to the car after he buys it!

I gotta figure something out!

Post by **Repo Man** » Tue Jan 14, 2003 12:58 pm

What about his parents? Are they dead-set against it?

ARE you the devil? :-)

Post by **Former_240_s14** » Tue Jan 14, 2003 12:58 pm

his dad isn't exactly "financially stable" and he dosen't stay in contact with his mom. his grandpa/ma have custody of him and his older bro who is my age. his older bro sam, is basically family "along with carl" to me and sam is in the marines in san diego. so its my responsibility to watch over Carl and crap.

well I am the devil if I don't like you, muuaaahhhhhhhh, lol!

Post by **redrocket** » Tue Jan 14, 2003 12:58 pm

He needs to find a sugar momma like the rest of us

Post by **Repo Man** » Tue Jan 14, 2003 12:58 pm

Former_240_s14 wrote:his dad isn't exactly "financially stable" and he dosen't stay in contact with his mom. his grandpa/ma have custody of him and his older bro who is my age. his older bro sam, is basically family "along with carl" to me and sam is in the marines in san diego. so its my responsibility to watch over Carl and crap.

well I am the devil if I don't like you, muuaaahhhhhhhh, lol!

Hmmm, looks like quite a pickle. If grandpa won't do the loan for him you don't have much option. What you could do, and I take NO responsibility if you do this, is put Carl's cash toward your M3 down payment, keep the S14 in your name and let Carl make the rest of the payments and sign the title over to him when he gets it paid for.

Obviously there is A LOT of trust involved here, but if you all are that tight then you could make it work as long as the money kept flowing, ie: no missed payments and you were still able to get approved on the M3. It could be a problem not because you don't pay your bills, but simply due to the balance on your 240 being a part of your debt to income ratio.

Post by **Former_240_s14** » Tue Jan 14, 2003 12:58 pm

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???

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