2006-06-14 08:10:32 · 10 answers · asked by caseyvc 2 in Cars & Transportation ➔ Buying & Selling
Well...You may not like my answer but here comes the truth right in your face...
What are you NUTS??? NEVER Co-Sign a loan under ANY circumstances. The bank will make a big profit on the loan. They Really WANT to loan people money, however, if this person is such a poor risk that the bank wont touch them...Why should you put your name on with them??? And Yes... I saw it is your son...Which makes it even WORSE because if he gets sick or turns into a bum and does not pay it then you have even more trouble on your hands. Also, What kind of a parent teaches their child to BORROW money to buy crap they cant afford???
Setting your Son on a lifetime path of payments will teach him exactly the WRONG lesson about money and Discipline. NEVER borrow money to purchase a depreciating asset!!! That is just plain STUPID!
At 17 you should be teaching your son about Investing money not how to get loan payments to keep him poor his whole life. Your son should already have a few thousand dollars saved by now from working weekends and summers part time since he was 14. He should use part of his savings to pay cash for a nice used car that is appropriate for a Teenager to crash in the high school parking lot.
If you cannot pay cash, you cannot afford it! Teach your son to be a saver, and to exercise self-control by putting off what he WANTS untill he can afford it! These lessons will help to ensure your sons success in life. Teaching him to borrow money to get things NOW instead of when he can pay for them teaches him to behave like a typical broke American. Payments keep you poor! What do you want for your son to have? Payments or Money?
I suggest you read the book 'The Total Money Makeover' by Dave Ramsey yourself, and help teach your son to live conservatively and responsibly.
Just a quick example of what a payment 'costs' in lost opportunity. If your son starts investing for retirement NOW at just $100.00/month at 10% return he will have over $1.1million at age 65. Average car payment in America is over $300.00/month. What is YOUR car payment costing YOU??? Good Luck!
2006-06-14 08:47:39 · answer #1 · answered by FreedomLover 5 · 0⤊ 1⤋
18
2006-06-14 15:14:07 · answer #2 · answered by I wanna stay on maternity leave! 4 · 0⤊ 0⤋
he has to be 18
2006-06-14 15:14:26 · answer #3 · answered by jh 3 · 0⤊ 0⤋
if you are under 18, you need a co-signer, or if a person is applying for a loan AND HAS NO CREDIT HISTORY they will need a co-signer to guarantee the loan.
2006-06-14 15:15:08 · answer #4 · answered by Richard H 7 · 0⤊ 0⤋
In most states, a person must be 18 to enter into a legally binding contract.
2006-06-14 15:17:49 · answer #5 · answered by nytfemale22 1 · 0⤊ 0⤋
Any age. If you do not have credit anough to buy what you want, you need to co sign with someone that has good credit and will help pay in case you do not pay.
2006-06-14 15:30:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I think you must be 18 to legally sign a contract.
2006-06-14 15:13:51 · answer #7 · answered by smartypants909 7 · 0⤊ 0⤋
Sorry don't know the answer but we share the same Birthday. Happy Birthday
2006-06-14 15:13:34 · answer #8 · answered by susanjb2004 2 · 0⤊ 0⤋
With the right co-signor you must be at least four.
2006-06-14 15:14:31 · answer #9 · answered by Anonymous · 0⤊ 0⤋
i got a loan cosigned by my dad when i was 16
2006-06-14 15:15:35 · answer #10 · answered by crazyquestion 1 · 0⤊ 0⤋