I called around today to help my daughter find a car loan. should I help her?

Question

She is 19 yrs old and has put me literally thru hell. If I dont help her to buy a car, she will be here forever and not have a way to work. I am trying to help her get out on her own.
My risk is going to be big if I help her out.
She probably will run the tires off the car, so it has to be reliable.
She may move in with a boyfriend and let him drive the tires off the car
She may quit her job and leave me with the payments
She may wreck the car and not make the payments
She has a history of doing really ignorant things. Should I help her with the car?
I tried to help her get a car loan and they will not finance a car since she has literally worked her 1st job at Walmart for 3 days.
We live in rural america and she has no other way to get to work.

Answer 1

well, if you dont think that this is such a good idea, then dont help her with the loan. Just follow your instincts. If your daughter is just like how you described her, then I wouldnt help her with the loan. Or another alternative, just buy her a cheap car that still runs and see how she drives with it.

Answer 2

first, you are WAY overcomplicating your decision process. Lets start with understanding the risks...If you are going to co- sign a note, a great decision is to have "gap" insurance added. You can choose to get it at the dealership, or speak to your insurance agent. Not all ins. agencies offer it, though. It will pay any difference in the vehicles payoff and retail values should she wreck it. Next, you need to make sure you get a vehicle purchased at a price you can sell it for, or a vehicle you wouldn't mind driving in a worst case scenario. Many parents make sure the buyer understands also that the vehicle will only be insured if driven by them, to eliminate the boy-friend thing, though that is a hard one to enforce. Another thing to look at is many local banks and credit unions will give the two of you the loan regardless of her time on the job, provided your credit is solid at the bank. As for whether or not to help her goes, now is not the time to wonder what knod of child you have. In for a penny, in for a pound, so the saying goes. But you needn't spend alot of money. Look around for something with miles that isn't going to cost you much money, for that $2k range, and see how she handles that. If she does well, then get her something newer and better. There are ways to get her name on a car loan with your help, and I believe that is the best possible solution. If she screws up, it would affect you both, so make sure ALL the paperwork has your address on it (that way if she falls behind you will know before it gets to that 30 day mark!) and help her to learn how to budget for this payment. I hope this helps...

Answer 3

You've given yourself a listfull of reasons NOT to buy her a car. There's no way in hell that I would do this, she needs to grow up and realize that you are not always going to be there to pull her out of the gutter.Why ruin your credit, when you know from the start that she may tumble? It's her turn to step up to the plate, save some money, and buy a used car, cheaply. She'll manage to get something for 1000 or less, and it will get her where she wants to go, if she doesn't want to go to work, that's her problem, not yours. It may not be the best looking car around, but it will transport her to a job. Remember your first car? And did you buy it, or did your parents? My daughter bought a 1980 Honda, with 136000 miles for 300 dollars. It's old, kind of hippie looking, but hey you know what? It gets her where she needs to go, and allows her independence.There comes a time when a parent needs to step back, and let go. I know it's hard, you feel obligated to keep helping your kids. But ask yourself this, if you were dead, where would she go for help, or would she finally get it, that she has to take care of herself.

Answer 4

mom, you have achieved your element as a mom, now at 19,if she won't admire you, i comprehend it somewhat is complicated, yet decrease the strings. Time for the nineteen 365 days previous, to do her element so she will strengthen up and stop performing like she is two years previous and nonetheless your repsonsibility. Ever heard the tale of the butterfly that became into left cripple with the aid of fact somebody needed to help her shed the cocoon, while with the intention to sort right into a wonderfully prevalent butterfly she had to shed the cocoon extra often than not on her own, the war is what provides them potential. i comprehend it somewhat is complicated, my ultimate pal and that i discussed this exact same element with our daughters the day previous. Her daughter is 23. i comprehend she is your daughter and this may well be complicated, yet decrease the strings, 19 365 days previous no longer at school, she needs to get a activity and help herself or get her yet lower back at school by utilising secring a private loan on her own (do no longer pay any college instructions, you could help purchase some books if the non-public loan do no longer hide it, yet it somewhat is all, she needs to do the rest ON HER own)

Answer 5

The greatest gift a parent can give their child is the gift of responsibility. Each child needs to learn to be responsible. If you buy her a car, she will not appreciate it and will abuse the gift. You have said that yourself. It is better to let her do for herself and be responsible for her own actions. It is called hard love. If you continue to do for her, she will always expect it and will never grow up. If she needs help getting to work, it is better you take her or let her work something out with a friend. Like someone has already said, get her a bicycle. She needs to learn to be independent. You need to start somehow getting that thru to her or she will always be a burden to you or someone.

Answer 6

Buy her a bicycle, she won't appreciate a car. You can do too much for your children and they won't respect you for it.