Used Car Loans

[baymule]

Nyboy, here's how to help your nephew start credit. Have him open a savings account. When he gets $1000 in it, use it for collateral for signature loan. Pay loan off, take out another loan. Go inside bank to make sure loan officer sees him making payments. It will take him some time, but he's gotta get started.

 

[Carol Dee]

Rent is more than buying the same value of house? No problem with buying but make it within your income. See way too many kids first house is better than their parents and suddenly they need parents/g'parents bale them out. My kids do that, go belly up.

He almost did.

 

[Nyboy]

@baymule thats my plan, problem is here no one will do a loan that low. I am not a fool I willn't co sign a loan for much more then a $1,000. He does have a amex card thats link to mine, has a $500 limit.

 

[seedcorn]

@Nyboy Why is he asking uncle? & not parents? Just being nosey

 

[Nyboy]

My older brother fathered a child at 17, got married at 18, divorced at 19. Mother took off with child and hooked up with crack head. Nephew been on his own since 15. I hadn't seen him for 18 years, when he called looking for help. Was in big trouble, good chance of being sent away. I couldn't turn my back on him. passed 7 years we became very close, he is more like a son then nephew. Unfortunately my brother is no better then his exwife.

 

[Rhodie Ranch]

Bless you, Nyboy.

 

[TReeves]

@Nyboy husband and I just went through this! We've been married 10 years have 2 children and zero credit. We have had one credit card since I was in college. We make timely payments on it. We use cash for everything. My 12 year old car decided to quit working last week. We didn't want to spend $25,000 on a new car do we wanted used. But, we had to take out a loan of more than 15,000 to get a good interest rate. I feel for you and your nephew!

 

[Nyboy]

It is set up so you almost have to borrow over your head. No wonder people are so indet today

 

[bobm]

When the bleeding hearts in all of our government ranks wail to have the rich pay their "fair share" for their tax and spend projects as well as government credit debt and interest on that debt and they have the majority of the public brainwashed to that mantra, what are the rich and corporations left is to increase their prices and charge more interest for financing to cover those high tax costs.

 

[Carol Dee]

My older brother fathered a child at 17, got married at 18, divorced at 19. Mother took off with child and hooked up with crack head. Nephew been on his own since 15. I hadn't seen him for 18 years, when he called looking for help. Was in big trouble, good chance of being sent away. I couldn't turn my back on him. passed 7 years we became very close, he is more like a son then nephew. Unfortunately my brother is no better then his exwife.

Good for you @Nyboy Every neglected child should have an Aunt or Uncle willing to step in and be a good role model and help guide them onto the right path.