countryguyhfc
 |
First let me congratulate you on being 16, graduating from high school and haveing a full time and a part time job. Good work.
Second let me say that buying a truck is not a good idea unless you really NEED a truck, like you are a farmer or a construction worker where you need to haul things. If it just to be "cool" then rent one when you want it. But to buy a truck to drive to work is just stupid and irresponsible. Buy an economical car to drive.
Good luck. |
|
Harry O
|
Just wait. It's tough but if you save in the meantime it'll make the payments easier as you'll be able to put down more upfront. Taking on payments is not a good plan, you'll be spending the rest of your life trying to get rid of them. |
|
Big C
|
Even if you are emancipated, you will not be able to get a loan. When I was 16 my Parent abandoned me and I had to spend 2 years living on the streets... sleeping at parties or with whatever woman would take me in.
Sure, I had a full time job. Still it didn't matter. No one cares about children. No matter how much I offered in advance rent, couldn't even get an apartment because no one would let me sign a lease until I was 18.
Count your lucky stars you atleast have your HS diploma. I couldn't even take the GED test because when your under 18... YOUR PARENTS HAVE TO SIGN FOR PERMISSION!!
Good luck. It could be a lot worse for you. |
|
hmark
|
As you have no family or friends willing to co-sign for you, my suggestion would be to wait until you are 18. This way, you are not tied to anyone's credit history, but your own. You already have the good foundations of a budding credit history with a consistent job. When it's time, you may have to put a deposit (for utilities) to have it in your name and pay all the bills on time, open some credit accounts or get that car loan that you wanted, established a checking account with a bank and apply for a loan there. If you wait, you will have it all. Don't worry, your life's all in front of you and you will have the tools to succeed and evade the pitfalls that many of us couldn't. |
|
Ann G
 |
I agree with JoytheK. Save up the cash and buy it out right. You sound very responsible for someone so young but credit can be a huge burden even for us more seasoned citizens. You just never know what will happen in the future so keep yourself debt free for as long as you can! I use to do collections and repos. Most of the customers I worked with weren't dead beats but were good and responsible people who came up against a layoff or an injury keeping them from working and meeting their financial responsibilities. If you ask around to other family members you will most likely find someone to cosign for you but that could come back to bite you if, once again, you found yourself unable to make the payments--you'd be ruining your new credit history and hurting your relatives credit to boot. My advice: cool your jets on the credit--you have many years ahead of you to apply for and build up a good history. Cash is always the way to go. |
|
EJ
|
You won't be able to get a loan because you are only 16 and can't legally enter into agreements like that. Short of finding someone to co-sign for you-- be in family member, friend or stranger, I suggest that you save your money.
The other option that you might have would be to go to a small privately owned dealership or an individual might be willing to finance for you if they are trying to sell their car privately.
Another thing to consider would be going to college. If you are going at least half-time you are able to get most student loans. They usually don't care what you use the loan for, so instead of working two jobs, maybe you should drop the part-time just and take some classes. It would help you both now and in the future. |
|
Mike
|
the reason no one will give you a loan, is that while you are UNDER AGE 18, you are NOT LEGALLY RESPONSIBLE for contracts, and can walk away. The lender knows this and will not risk lending to you regardless of your financial situation without an ADULT (over 18) co-signer that they can legally go after if you do not pay FOR ANY REASON. |
|
~Les~
|
You can't sign a loan without a cosign until you are 18. Buy a truck privately from someone you trust. If you have the money saved up it shouldn't be that hard. Look around for a while. |
|
Jeff S
|
you have to wait till your eighteen to get it by yourself, do your grandparents or aunts and uncles have good credit |
|
Lisa believes
 |
Maybe a relative, that sees what you've accomplished? Or were you close to any teachers?
Lisa |
|
lovin' my boy
|
I think 16 is a little young to rush into something like a new truck. It will end up being more than you anticipate. If I were you then I would just wait and save my money...... You'll end up being able to get something nicer in a year or two. |
|
hottotrot1_usa
 |
Ask another adult relative or friend to co-sign the loan. |
|
Denise S
|
even though yuor parents have bad credit. if you have a large enough down payment like half of the cost of the vechile someone will aprove them, now you will pay high intrest rates like 27 to 45 % intrest but someone will aprove you i garrentee it. buy you have to have that large amount up front. |
|
Joythe K
 |
You cannot get a loan. A loan is a contract, and no persons under the age of 18 can enter into a legal contract. If you default, you cannot be sued. Your only option is to buy the car outright. |
|
question_gurl_16
|
ask a professional adult... sry but ppl on here probably won't be able to help :( sry good luck! |
|
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
