Teenage Car Loan?

[JWBryant]

Well I stopped at the bank today I got an account there for other reasons and I applied for a loan and I'll know if I get approved tomorrow. So now I guess I just cross my fingers.

[bighossf150]

you dont want a car payment while your still in high school

[JWBryant]

I dont think I would really mind it, I'll only have to work two weekend days a month to make about a 200$ payment.

[Skater229]

I dont think I would really mind it, I'll only have to work two weekend days a month to make about a 200$ payment.

But then you have Gas, Insurance, Friends bumming rides, Building a system... It never ends once started...

[JWBryant]

True true I'll probably end up working more my senior year.

[WastedTalent]

I have to agree with everyone else. As a minor? You cannot get a loan. You have to... HAVE to... be a co-signer. At 17, I don't think it's legal for a bank to give you a loan, alone.

But otherwise, should be fine. I mean, I did one for a $17,000 loan at 18.. and was a co-signer. But now my credit is BALLIN so can get approved for a lot. Lol. Got a loan for $23,000 or so few months ago. Hell, Chode (if he checks in this thread) might be able to look it up but Bobby at his shop signed me up for their credit card thing and said I got approved for the most they've ever seen. Lol. Just pay your bills and you'll be straight. Just sucks startin out.

[Dwn4BassAlan]

lol with my credit score I could buy a house on malibu's coastline if I wanted....thanks mom! at least somebody knew what they were doing in my family. Day I turned 18, we were at that visa game. I charge an ungodly amount of gasoline and audio parts to it, and pay it every month, so my credit, like Wasted's, is "Ballin'..."

[boom50cal]

True true I'll probably end up working more my senior year.

Bank's don't like "probably" man. You nearly HAVE to have a solid 6-8 months worth of pay stubs from the same employer to even step into a loan officer's office(words of my banker, which has also been my dad's banker since 2004-05ish). Honestly man, I don't think you should step into this ordeal. If you already have a vehicle, invest your money into it.

Let me give you a little rundown on my F-250's costs.

1990 F-250, $1500 - $500 down financed $1000 @ 5.45% interest for 12 months. My monthly payment is $98.76, so that's pretty much $100 a month. The truck gets 10 mpg(at best), has 2 20 gallon tanks. 3.50 a gallon for gas, and I drive ~200 miles a week, so that's $140-150 every TWO weeks on gas. At most, there's $300 a month in gas. So you're up to $400 a month in expenses, minus insurance. Adding it to my families existing policy made us go up like $30 a month. Various other expenses a month for it would put me out about $450 in total a month IF I daily drove it, like you are probably wanting to do with the vehicle you want. The F-250 is just my toy though, and an occasional work truck/tow pig.

As a highschool kid, working 20-30 hours a week, I'm averaging $325 a check, so $650 a month or so. $200 extra to save/eat on/take bitches out/college money/etc, isn't a whole lot AT ALL man. Tickets? Man forget about them. Don't commit yourself to a $200-300 a month payment for the next 2-3 years. Stick to whatever vehicle you have right now. Put some money into it, build a nice system, clean it up, hell even sell it and try to make a profit off of it(no subs then, well amps actually, just HU and coax's but O/T).

If you want to commit yourself to a payment every month, go ahead and try all you want to get approve for a loan. My final statement is though, if it ain't broke, don't fix it.

[JWBryant]

Well I got denied for the loan I guess my mom's credit score isnt all that good and she has some other stuff to deal with. They didnt ask much about my pay or ask for my pay stubs as I anticipated, but I figure its for the best that I dont have payments yo deal with anyway.

[WastedTalent]

As a co-signer, you don't matter. I mean, you do but no you don't. It's like 95% towards the signer, in this case, it would've been your mom. Granted, the car would've been for you. It's your bill, your responsibility. Bank doesn't see it that way. You have no track record, no history of how you are with money. Or if you do, it's very very little. So if you don't pay? They don't care, it's your mom they go after. So they'll pull up your credit to find either nothing or very little and cool... whatever. They really only care about the actual signer, when it's situations like this. Like a parent buying a car for a kid.

It does change when it's 2 adults. I was told to not have my mom co-sign for me because it'd hurt the interest rate. Her score was 600's or low 700's while mine was high 700's. So did it myself and yeah. But that's because both people have history. Doesn't apply here because you have none or very little.