Re: Chevy Cavalier trans. dip stick?????

Posted by Jim.UT on March 14, 2006 at 14:41:34 from (64.122.18.247):

In Reply to: Re: Chevy Cavalier trans. dip stick????? posted by D.Will Greenwald on March 14, 2006 at 06:49:12:

D. Will: It's great that your grandson is feeling obligated to take care of this loan as quickly as possible. It's an admirable quality. However, his diligence is doing nothing toward building him a credit history, which he will need all his life. As a 20+ year veteran of loaning money at small credit unions, I heartily recommend letting him continue this way for a while, until you are absolutely positive that his good payment habits are not just a fluke. Then take him to a bank or credit union and co-sign for him on a real loan so that he can start building a positive credit history. Otherwise, the next time he needs money to buy another vehicle or (horrors!) a wedding ring, he'll be in the same boat: no credit history, need a co-signer.

If you can get him a credit history now on a relative low risk loan secured by a car you can take away from him if he doesn't pay, you may not have to worry about ever having to co-sign for him again in the future. Yes, it will cost him some interest, but nothing of value is free.

Just some advice from my point of view. Your mileage may vary. Some settling may occur in transit.

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