Student, 17 getting a car loan from buyer? need some help?
Well guys, im 17 and saved up currently 1.5k for a new car. My car currently died and i have a stable job, 15/hr working 30hr/s a week. [been having that job for 6 months].
I want to invest in this car
http://sfbay.craigslist.org/pen/car/338602955.html
but I want to talk to the guy about paying him like 600 a month for the car, for two years, putting the 1.5 down on it,
i just want a way that we can both be secure in the transaction.
Like some kind of contract that I can have him sign or something.
whats a good idea?
Unlikely. Typically a contract signed by a minor is not enforceable. If you choose not to pay after a few payments he has no legal recourse and with you being so young is unlikely to get anything if he was to sue you. You will have a tough time putting him as a lien holder on the title and the payee on the insurance.
Sorry to rain on your parade. There is far too much risk for the seller in this case. Try a relative.
