Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

Trending News

Promoted
*Jenny from the block*
Lv 4
*Jenny from the block* asked in Business & FinanceCredit · 1 decade ago

Cosigning a loan??

I am 17 and need to take out a $3000 car loan, but need a cosigner because i'm a minor. My mom just bought a brand new house, so the bank won't allow her to borrow any more money, but is she still eligible to cosign my loan?(she has perfect credit)

*Thank-you*

3 Answers

Relevance
  • SPIFIMAN1
    Lv 7
    1 decade ago
    Favorite Answer

    The problem you are going to have is at 17 you can not enter into a binding legal contract.

    So instead of co-signing your Mom is going to have to borrow the money for you.

    Source(s): Finance Manager for a car deaelr for over 7-years.
  • 5zerocool
    1 decade ago

    If you are taking out such a small loan, the place you're getting a car from should do an in-house loan based on your income. I would only get a co-signer if you were taking a loan for more than $7500.

  • Gee L
    1 decade ago

    oh wait hmm....this happened to me too.....ill give you a guide..you know that can ruin your credit

    Source(s): http://www.newhorizon.org/Info/to-cosign-or-not-to...
Still have questions? Get your answers by asking now.