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Sunday, March 14, 2010

Auto Loan ?

I'm 17 and I'm taking out a 5000 auto loan *with a cosigner of course* . Is there a certain amount of money i need in my bank account. I have a job making about 300-500 a month *depending on how my tips go*. So how much should i have in my account when i go to get the loan? someone told me at least 3 payments?

Auto Loan ?
it really doesnt matter how much money you have in your account. your credit score is what matters. if you have direct deposit with the bank you are financing with that helps





good luck
Reply:If you have a cosigner it won't matter.
Reply:you can't legally get a loan in the US, because you are not 18 yrs or older. Your 'co-signer' will be the only one that can get the loan. However, if you make the payments on the loan till your 18th birthday and beyond, you may be able to have the loan refinanced in your name with the co-signer.
Reply:your cosigner is on the hook in this case since you are under 18 and cannot legally enter into a contract


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