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Loan question +K for help

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invader98
Posts: 404 - Karma: 11

I have a quick question here is my perdicament

I am 16 i have a part time job and i am looking at at car

I dont have enough cash right now and the guy is selling it asap          so my question is

Can i get a loan?

If i cant can my parents cosign or what else do i need

Feb 16 2010 9:38PM
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TURTLEMAN1
Posts: 655 - Karma: 9
The only way that a 16 year old can get a loan is if they get a "Emancipated Minor" From the court. Otherwise you have to be 18. Hope this helps.
Feb 16 2010 9:40PM
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Brenone
Posts: 4944 - Karma: 296
honestly you dont want a car payment at 16 years old. do you really want all your money from your part time job to go into your car? it aint worth it.
Feb 16 2010 9:47PM
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user098123
Posts: 6072 - Karma: 18
You might be able to get a loan, but you will probably need a cosigner (your parents).  This means they will be primarily responsible for it if you can't make payments or whatever.
Feb 16 2010 9:49PM
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invader98
Posts: 404 - Karma: 11
okay well i do want it because i can pay off the laon in 7 months with my part time job
Feb 16 2010 9:55PM
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user098123
Posts: 6072 - Karma: 18
You say you can repay it in 7 months...what is your insurance situation?  Most auto loans require you to have full coverage on the car.  That is much more expensive, and depending on the car it can be extremely expensive.

Also, have you calculated in interest?  How does it compound?  Are there hidden costs to the loan? There are a lot more things that we can't really tell you.
Feb 16 2010 9:57PM
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invader98
Posts: 404 - Karma: 11

my parents are paying insurance but yeah thanks +k

Feb 16 2010 9:59PM
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