I'm currently in the process of buying a truck worth $8,000.

The seller will only hold the truck for me for a week.
It is a private party selling the truck (through craigslist)

I currently own a truck that is worth about $7,500 so I can expect to receive $7,000.

I have the funds in my bank account to make up the other $1,000 it would cost to buy new truck "A" BUT it will obviously take me more than a week to sell my currently owned truck.

I would like to take out a loan with a low interest rate, however, my mother has maybe average credit, father (deceased), and would like to take out a loan with an uncle who has amazing credit history (in order to get a low interest rate loan).

I looked up a few types of loans and figured a personal loan under TFCU would work also that is the bank that my mother currently uses.

I am a 17 year old, I work seasonally under my uncle on the books and I live in New York

Can I take out a personal loan with my uncle as a primary co-signer and my mother as a secondary co-signer? Is this how it works? If not, how can I go about doing so?

  • 2
    You'll probably need to discuss that with the lender. What conditions someone has for lending you money is up to them.
    – BrenBarn
    Oct 29, 2014 at 1:30
  • Will the owner of truck A take your truck on trade? If you give him your truck and $1000, and he can sell your truck for more than 7K, he comes out with more money.
    – Pete B.
    Oct 29, 2014 at 13:29
  • It sounds like you are a good hard worker, Adam. Congratulations. I would really recommend you don't waste money on vehicles. take your time and sell your current truck at the best possible price. Buy an ordinary truck for say $1200 or $1400. Put the $6000 or so right in to your bank account. Never forget that many of the world's richest people drive very cheap cars. I very much remember being your age and the one and only thing I thought about was: girls. I can assure that girls love guys with money and confidence: cars mean nothing. Girls see a fancy car and think "money waster".
    – Fattie
    Jun 30, 2016 at 12:59
  • Hope you make the right decision and good luck! Sounds like you'll very soon have 10, 20, 30 grand of your own, cash on hand, and you can buy your first property (a small flat or whatever). You'll shoot in to a whole new world. Cars are just a distraction, forget them...
    – Fattie
    Jun 30, 2016 at 13:00

1 Answer 1


I would recommend simply asking your uncle to give you an in-family "bridge loan" between the purchase and sale, rather than asking him to co-sign a bank loan. It's far less complicated for him, it puts him at no more risk, whatever interest rate he wants to charge is probably not going to matter if the old truck sells quickly, and since this amount is under the gift-tax limit you don't even have to worry much about bookkeeping (though he should declare any interest you pay him as income, that isn't something you need to worry about).

If he won't do this, he probably won't co-sign either.

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