No offense, Jediknight36, but you have revealed quite a bit about your financial situation in other posts. You have a lot of debt, low credit score and were recently told it would be difficult for you to qualify for a car loan. (Or were you actually turned down for the loan?)HOLD ON! Hold on!
He is 15. That means he cant even co-sign till at least 16 (in most states). So mom and dad will have it on their credit. Even if he co-signs it, mom and dad wont let it repo. That means if worst comes to worst, will have a paid off car on his credit even before he turns 18! Im all for debt free, but you cant have good credit and be debt free. Im just learning that now. Lenders will not lend if you are debt free and nothing on yoru recent credit. You have to look like a good credit risk.
If Im a doctor, do I make more money if you are sick or well when you come see me? SICK! The bank makes money if you have more debt. So when he turns 18 and he couldnt keep the smart, but it was in his name, it looks like he paid it off. Then he can get another car loan if he wants.
I dont like it, but if your parents are helping and approve of it then DO IT! And while your at it, see if they want to adopt a hard luck "orphan" down here in Texas. Maybe I can get a co-sign on a smart too!
Perhaps you're not the best person to give financial advice to young Mackenzie.
There are professional financial advisors available for free at most banks. Check your local branch to make an appointment.