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/3386...

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?

Student, 17 getting a car loan from buyer? need some help?

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.

Student, 17 getting a car loan from buyer? need some help?

It's a good idea in theory, but it's not gonna happen. You are 17, still in school(I take it), no credit built or even started. You have only been employed six months,part time hours, at best. You have a very small down payment, and would be required to carry full coverage insurance, as the seller would drop down to the legal owner area, and would require it. Those costs would be in addition to your loan amount, and would not be included in your loan amount.Then there is the fact that, you must be 18 or older to sign a contract, unless you are an emancipated minor, and can prove so. Even if you turn 18 soon, you still have all the above problems, stopping you from proceeding with your dream. Yes, dream, you can't possibly be serious!

Student, 17 getting a car loan from buyer? need some help?

CHECK IT OUT LG, YOU'RE 17 SO THAT AUTOMATICALLY MEANS THAT THEY ARE GOING TO TRY AND PLAY WITH YOU. MY SUGGESTION IS THAT YOU DONT GO IN THERE BY YOURSELF. HAVE A PARENT OR REALLY GOOD FRIEND(OLDER)GO WITH YOU. SOMEONE THAT KNOWS HOW TO TALK TO PPL. THE DEALERS GONE TO NEED INSURANCE VERIFACTION, A D.L, AND IM QUITE SURE A CO-SIGHNER. WHEN YOU TALK TO THEM STAY CALM AND COLLECTIVE AND THE DEAL SHOULD GO THROUGH.

Student, 17 getting a car loan from buyer? need some help?

First of all, are you sure you want this car?

I had a BMW years ago that I bought with 90,000 miles on it and as soon as it hit 115,000 it had so so so many problems, including the transmission blowing. Should anything happen to the car that it need to be fixed, be prepared to shell out at least $1,000 each time. If you're able to do that and willing to realize that this car depreciates in value quickly, especially know that it is 11 years old, then go ahead. Not to mention that guy is asking a bit much for that vechicle, but anyway...

If he agrees to your financing situation you can easily just have him (or your parents) type up a contract stating the terms of the loan, etc. Then both of you will sign the contract and keep it for the agreed upon term of the loan to refer back to should the need arise.

Student, 17 getting a car loan from buyer? need some help?

Keep in mind at age 17, you cannot legally enter into a contract, so if the other guy is smart, you will need someone to co-sign any type on loan. If he does this with you by yourself, and you then wreck the car, you can actually go back and ask for you money since you weren't old enough. Unfortunately I didn't learn that until after I turned 18.