Ok I'll reveal my age so everyone can realize Im just another kid on here.

Im 17, when I was 8 I was in a car accident got a lot of money in the bank waiting for me to turn 18 (July 15th) blah blah blah there is the background for my question

now the question:

I have a rod about to punch through my block so Im not driving my T/A. Im gonna get a 350 but rite now I am BROKE.

If I go to the bank for a loan for say 2 months, I'll still need a co-signer but even if my mom has bad credit do you think they will still accept the loan considering I have close to $40,000 in the bank available in Mid-july?

Cause I need an engine and cant wait for another month and a 1/2 before it even gets in the garage door of the mechanic.

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1986 Trans Am, T-Top, 305 TPI, Flowmaster 80 series. Much more to come in July.
[*]Sound System: Dual 12" Ground Zero Nuclear Series 900 watt RMS subs in custom box made to fit the rear well, Only 500 watts running them though, Pioneer Head Unit and Rockford Fosgate wiring.


AOL screen name= madbiker1

 

If you can use the same bank, and if your mom is on the account you have now, they should be able to use that as collateral. That or maybe an "advance". If they know it's for transportation for you to get to school, work, or whatever, they might be more apt to do it. Although, they may require an estimate of repair, similar to an insurance co. I guess just ask them and see.

Continuing on my advice/help, talk to a financial advisor, or a stock broker, about options you have so you can plan for the future with that money. At least some of it. My advice is from experience. In 1994 I inherited about $140 grand. Now I have about $8000 left. I pissed it away on cars, girls, booze, etc. Thank God, not drugs. Now I got a wife & 2 kids. Man I could use that money now. I did use $40k of it to put down on the house I'm in now, and the other $8000 is in an IRA. That way I don't touch it. If I do I'll pay a penalty and I don't wanna do that. That's also why I put down so much on my house, that way I can't spend it. HEHE!!!

I think FastBroker on this message board is a Stock Broker. Maybe you can at least get some tips (and some "you better or else") from him.

Good luck,
AJ

Edit: FYI, $30K in 10yrs. @ 12% gain (the 10yr average gain in the Dow) would turn into just over $93K. In 20 yrs, just under $290K. See how I f*cked up!!!!!! Live and learn!!!!!
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92 RS w/t-tops 305 TBI Auto.
170K miles and don't burn a drop o'oil
-K&N Truck filter #1500 w, open ele.
air cleaner
-Dynomax 2 1/2" cat-back
-B&M TransPak
-Jet Stage2 Chip
-180* T-Stat w/ 185* Fan Switch
-JVC CD--Alpine speakers & 4ch. amp
Rockford 2ch. to 2 MTX 12" subs

[This message has been edited by AJ_92RS (edited June 10, 2001).]