I NEED A LOAN, IM ONLY 17, MOM IS WILLING TO COSIGN BUT SHE FILED BANKRUTPCY 15 YEARS AGO. HELP?
ELLiE 
asked:
hi
im 17, and in a couple months ill need a car to get me to and from college classes
i have 1500 set aside for the car, the problem is that i cant find a decent dependable good car with that
i only want a loan for about 1000
but by the time i turn 18 to apply for a loan myself, it will be WAY past when i need the car.
my mother is willing to cosign for me, but she filed for bankrupcy about 15 years ago.
how does that affect me when she cosigns?!?!?
will i pay tonssss more than normal in interest, because she has filed for bankruptcy?!?!
asked: hi
im 17, and in a couple months ill need a car to get me to and from college classes
i have 1500 set aside for the car, the problem is that i cant find a decent dependable good car with that
i only want a loan for about 1000
but by the time i turn 18 to apply for a loan myself, it will be WAY past when i need the car.
my mother is willing to cosign for me, but she filed for bankrupcy about 15 years ago.
how does that affect me when she cosigns?!?!?
will i pay tonssss more than normal in interest, because she has filed for bankruptcy?!?!
help!!!!
any thing will help, im clueless!!
thanks!!
The best thing to do is find a nice little honda accord or civic for a reasonable price and make payments on it putting down 1000.00 of your saved money.
Comment by B-Jo — December 28, 2009 @ 8:55 am
Use your mother to learn about how tough and unforgiving life can really be when you make bad decisions as an adult. There is no forgiveness and no safety net.
Car prices are dropping faster than they ever have before in history. Rather than waste time looking to add debt to your life, start working and saving like crazy. By the time you really, really need the car, you should have enough to simply buy a car. It would only be a starter car that is not pretty or hot, but workable.
Keep looking on line at the lowest prices for a car then head out and really, really negotiate with the seller. They are dying to get rid of their inventories at this point and you won’t be making your life even harder.
Comment by Moonsong — December 28, 2009 @ 6:15 pm
At 17 you can not enter into a legal agreement. So your mom would be the only one on the loan. At 18 you will not be able to get a loan on your own, you would still need a co-signer.
As for the Bankruptcy 15 years ago, the longest a BK will appear on a credit report is 10 years. While a Bankruptcy is Public Record, most creditors will not look past a credit report. So they won’t even know if she declared BK since it is been 15 years.
For $1000 you may be able to go a different route than a Car Loan. These include a Signature Loan through a bank, or even a credit card. Just a warning on the Credit Card that if you go this route you need to pay more than the minimum payment and make sure that you pay on time EVERY month.
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Comment by Jefferson E — December 31, 2009 @ 2:17 pm