Can I have an older adult cosign with me?
2007-07-09 17:21:09 · 9 answers · asked by cartman2535 1 in Cars & Transportation ➔ Buying & Selling
haha you guessed it. I live in Birmingham, MI. I just got a job at a fancy restaurant as a bus boy....have worked there for about a month now. Make about 700 a month. Hopefully someone gives me a loan :-/
2007-07-09 17:30:35 · update #1
My car is 5,188. I'm making a down payment of 2,500.
2007-07-09 17:32:26 · update #2
You can't. You are a minor and cannot legitimately enter into a binding contract. An adult can make the loan, but one cannot cosign for a minor.
2007-07-09 17:29:47 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Wow what a responsible 16 year old you are just to know that you have almost half of the money to put down goes to show how well you have thought this through but unfortunately because of your age it will not be possible for you to do so even with a cosigner if the cosigner is someone that you really trust hopefully your mom and/or dad i would suggest you put it in their name and then just have them add you to their insurance keep in mind that because of your age their insurance will go up but i would also advise you to give it at least 90 days of being employed you know complete the probationary period and still look on the bright side you can add to your savings that you already have. I have heard so many horror stories about cosigners so please do make sure that it is someone honest and that have your best interest at heart.
2007-07-10 01:05:09 · answer #2 · answered by EGYPT 2 · 0⤊ 0⤋
Wait until you are 18 and have a job and a cosigner. Or wait until you are 21 with a job and a sizable down payment.
Your only other option is to purchase the car out right. But even then, you will need to be 18 if it is from a business.
2007-07-10 00:32:45 · answer #3 · answered by Rell Smooth 3 · 0⤊ 0⤋
Unless you have a rich uncle who will loan you the money, you won't be getting a loan under your own name until you're 18. Younger than that, you can't legally sign a contract. Btw, I wish my own 16 year old was as responsible as you are. Good luck to you.
2007-07-10 01:24:28 · answer #4 · answered by Scott H 7 · 1⤊ 0⤋
That's good you have a great paying job, but I doubt if you get a loan this early in your life.You probably will have to wait until your 18 or 19. They like to see that you have held down steady work history and that you are responsible. Good luck!!
2007-07-10 00:33:03 · answer #5 · answered by Dawn 2 · 0⤊ 0⤋
Someone with an income and/or collateral will need to co-sign. It isn't simply age that makes someone a worthy co-signer. Remember though their signature means if YOU default THEY will have to pay so don't take it lightly. This is why people don't want to co-sign. You need to get a car cheap enough that it won't require a co-signer.
2007-07-10 00:29:04 · answer #6 · answered by MissWong 7 · 0⤊ 0⤋
You guessed it. You'll need a co-signer to make it legal. You are still considered a minor in the eyes of the law. good luck.
2007-07-10 00:24:29 · answer #7 · answered by Fordman 7 · 0⤊ 0⤋
I dont know that they can make you a loan at 16
2007-07-10 00:24:04 · answer #8 · answered by Anonymous · 0⤊ 0⤋
you will be required to have stable employment and a cosigner so hope ya don't live in michigan cuase there is no such thing as stable employment here anymore.
2007-07-10 00:24:48 · answer #9 · answered by dj_lonewolf69 4 · 0⤊ 0⤋