Saturday, October 31, 2009

Question about a car loan?

Okay.. Im 18, I dont have a job currently. I have $40,000 in a trust fund, but can't get it out until your 18 and graduated from high school.. the problem is Im not graduated, I graduate in May, and its February. Is it possible to get a loan and pay it in May when I can get my money? Not a huge loan, only like $5,000-$10,000. I really need to know, thanks.

Question about a car loan?

You're 18. I'd find a solid beater car for $2-4000. You just don't need a $10K car, and it'd be a shame to burn a quarter of your trust fund on a vehicle that will only last you a couple years at most.

Only thing I can suggest is finding a local bank or credit union that might be willing to take on this risk. They'd have to be willing to not get a check until May at all, so that's different for them as well. But it never hurts to check around.

Question about a car loan?

Probably not going to get a loan without a job. The fact you have the money in trust does not mean you are going to pay back the loan.

Question about a car loan?

Since you're already 18, you can sign a contract. Because of that, you'll be able to sign against the money in trust.

Talk to a bank (or multiple banks) about a deferred payment loan against the trust.

They may be willing to do it, especially if it's the bank that the money is in, and with that you would sign a contract to the effect that the first x-thousand from the trust goes to them.

If not, then try and get a collateral loan using the trust as collateral to secure the loan.

The fact that you don't have a job may be a negative, but since you're still in school, they may work with that. I would still try and get a part-time job if nothing else to show some type of income, because if you can make the monthly payment on the loan until May, you stand a better chance of them using the trust as collateral to secure it in case of default, without having to provide deferred payments.

Question about a car loan?

Talk to the bank that has your trust fund. The should have the condition or paperwork of your trust account.

Ask for a loan and once you graduate you'll pay them. I'm sure they'll be happy to loan you the money since they know you have the money.


Question about a car loan?

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