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How can I get a car loan fast?

How can an 18-year old get a car loan?

  • Ok so I'm not 18 yet, but I'm going to get a part-time minimum wage job when I turn 16 and I'll save up until I'm 18. I'll probably have around $8,000 or maybe more by then. But it's not enough the new car I want cost $15,000. How will I be able get a loan so I can pay the rest? How do I get credit and stuff. I think one of my parents can co-sign the loan. If you say to buy a used car I shouldn't because I don't want to have to repair all the time and it has to last me like 5 years..

  • Answer:

    When you turn 18, you ability to make the payments (income to debt ratio) will determine if you can qualify for the loan. A credit card may hinder your ability to get a loan because of the potential debt you could incur with the card. Just as it is not safe to go to on-line loaners, be careful of where you purchase your car. Don't go to the buy here, pay here dealers. Miss one payment and they will take your car. Read reports on ripoffreport.com. Don't let desperation for a car get you into trouble.

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if when you turn 18 and you have almost half of the money to buy a new car and have any steady stream of income you should not have any problem what so ever getting a loan with your father as a co signer!!! with that kink of income and savings for a 16 year old i suggest you and your father open you a checking account as him as trustee so you can also learn the basics of banking and have a two year working knowledge with the bank personnel when you do go in to apply for the loan!!!

mister ed

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