Question by Dima S: 16 Years Old..No Credit..In need of car/auto loan 10-13k?
Hello, I’ve been wanting to get a used car around the price range of ,000-13,000. I’ve searched on-line for auto loans but no one seems to give out loans to people under 18. I also have another problem that is I have no credit because all the money I earned when I was working I was paying my friend off. Are there any lenders that give out loans to people under 18 and that are first time buyers? I don’t get why banks don’t give auto loans to teens when they are the most people in need of a loan. Can anyone help me with this situation? Thanks
Also, you can email me at avtamat@hotmail.com if you can help me out.
Best answer:
Answer by sunshinegirl
sorry but i think u may be SOL good luck getting anything at 16 unless your parents or someone legal are willing to sign for you..
i say saving cash and/or getting someone to sign for u are your best options..
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4 Responses
SPIFIMAN1 @ 11:08 am
You must be 18 to sign a legally binding contract in the United States.
This is why no one loans to anyone under 18, there is no way to enforce the contract.
Danishdude @ 11:21 am
I would try the Prosper Network, check it out there might be somebody there willing to loan you the money
PiggiePants @ 11:26 am
at 16, you can not enter into a legal contract, so you can not get a loan, regardless of your credit score.
You will have to get one or both of your parents to apply for the loan, and make arrangements to pay them when the car payments are due.
bdancer222 @ 12:23 pm
At 16, you can’t afford a 10-13K car. How much money do you make a week? Have you checked to see what insurance is going to cost? Have you checked to see IF you can even get a car insurance policy?
Start saving your money and downsize your deam. There’s more to owning a car than just that payment.