Okay.. Im 18, I dont have a job currently. I have $40,000 in a trust fund, but can't get it out until your 18 and graduated from high school.. the problem is Im not graduated, I graduate in May, and its February. Is it possible to get a loan and pay it in May when I can get my money? Not a huge loan, only like $5,000-$10,000. I really need to know, thanks.
2007-02-16 08:07:51 · 3 answers · asked by Justin 3 in Cars & Transportation ➔ Buying & Selling
The trust fund states that you MUST GRADUATE from high school (according to your statement).
They will not be able to place a lien against your trust fund because if you don't graduate, you get no cash... thus.. dead-beat payer.
Just wait.
Or.. ask your parents to borrow against the trust fund.. They'll keep you in line better than any bank!!
.
2007-02-16 09:17:54 · answer #1 · answered by rob1963man 5 · 1⤊ 0⤋
Here's the problem... as you stated, you have no job, so how are you going to pay it back? You might be able to get the trust administrators to hold your trust as colatteral and borrow against it, but without an ability to pay it back, no major lender will approve you.
2007-02-16 08:47:40 · answer #2 · answered by Anonymous · 1⤊ 0⤋
For that size of loan you will likely need collateral and/or a co-signer. Why is it imperative you need a car now...is it not possible to just wait 3 more months?
2007-02-16 08:18:18 · answer #3 · answered by Sunidaze 7 · 0⤊ 0⤋