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Can a 16-year-old making 4000 dollars a month get a car loan? |
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A car loan is a contract between the buyer and the lending institution. In order to sign a contract and make it binding on both parties, the buyer needs to be 18 years old. The way around this is to use a co-signer, who must be 18 years old. However, if a co-signer is used and the 16 year old stops paying, the co-signer is responsible for the entire debt.
First answer by ID1151113086. Last edit by ID1151113086. Question popularity: 6 [recommend question]
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Can a 16-year-old making 4000 a month get a car loan?
