I'm thinking of taking a loan for a truck but I'm only 15 should I?

T

TJM2

New member
I'm almost 16 and will have my license then. I work in the kitchen at a restaurant making 200-400 dollars a month because of a school sport. My parents say they will give me $2500.00 but the truck is $5000.00! and i got like $800.00. But my parents don't know if they can give me the money now... So should i just take the whole 5000.00 loan or wait?
My parents will pay half and co-sign with me..
 
C

chevypride0310

Member
well first off since your not 18 you can't even take a loan out even with a co-signer, your parents will have to take the loan out in their name, only thing you can do is get them to take the loan out and put money down for most of the down payment and you just pay them the payments, but personally i wouldn't deal with a payment when you only make 200-400 a month, just use that money to buy car or truck with no loan, pay for the whole thing straight up, so if you can fine something maybe 3000 or less just pay for it straight up with no loan, don't worry about a monthly payment yet, your trying to jump the gun to early, i didn't get my own truck until i was 17 and i paid for it in full in cash, i was only $1,500, don't worry about payments until your out of high school, when you graduate just trade the car/truck in that you have as a down payment on something better
 
F

Firebird

Member
Your parents will not be co-signing, they will be signing. Does that make sense? You're a minor.

Now - if the real question is whether you should plunge yourself into debt at such a tender age, the answer to that is NO.
 
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