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Can a 16-year-old making 500 a month get a 3k car loan with parent consent Would this be possible If not why?In: Car Buying |
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Answer
A 16-year-old is not able to enter into legally binding contracts, with, or without, parental consent. Unless you are emancipated, you must be 18. However, your parents could sign the contract as the primary, or co-signers of the loan. If they are willing to let you enter an agreement, it sounds like they would be willing to do something like that for you. Just don't let them down!
Answer
Sorry, no bank or car dealer will put your name on a loan because your under 18. Your parents are the ones whos names would go on the loan. Banks and dealers like to see 2 years of paychecks. Which I dont think you have, to show steady income. They would be given you an asset of theirs until its paid off and they need assurance that the money will continue to come in. I say just save the amount for 6-8 months and pay for it cash. This way it is yours outright. I know this may be something you want right away. If your parents are willing to lend you the 3,000. and write an agreement with you to pay that could be a binding contract between you and them that you will be responsible for the money they lend you. Good luck.
First answer by Aggie80. Last edit by TRINABABE. Contributor trust: 446 [recommend contributor]. Question popularity: 8 [recommend question]
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