Bank loan for 18 yr old?

eastAR5

eastAR5

Active member
I saw a car that i have to have and my parents are being

n-i-g about it,by the time they agree its gona be gone. Is it possible for an 18 year old with no credit to get a loan of some kind for something like this? It's only $8,500 such a sick deal, i would be able to pay it off quickly every month
 
well if you haven't built up any credit history it's gonna be hard to get that much without someone to co-sign it... if you have bad credit then forget about it. you could get numerous credit cards with high enough limits and try to play that game but it gets messy.
 
possible i think if you have one of your parents or someone sign for it saying they can pay if you can't. it's something like that i believe.

what kind of car?
 
its a 04 white vw special edition vw with 18" black rims, presidential tint, ski rack, tweed interior, custom bose sound
 
its just a jetta 1.8T "wolfsburg edition"

but it only has 72k miles and is in super good condition comes with extra snow tires and another set of ill rims
 
that's still multiple months of working to pay off one purchase. maybe you shouldn't make an 8500 dollar impulse buy.
 
Some banks will give smaller loans if your lucky. You could possibly take that small loan $$ to the dealer and get financing through them. Car dealers are much more likely to get you a loan approval than just a bank. If your buying this off a private seller your probably out of luck. Good luck to ya.
 
dealerships will give you a loan w/like 11%..not good.

if you can get someone to co-sign you'll be set. ive had multiple car loans and personal loans have never had a problem with them and i dont have any credit either. the first car loan i had though my parents did have to co-sign and after that i was golden
 
yea thats true but i actually need a new car before winter real badly... mine costs too much to keep being repaired and ill die trying to drive it to the mountain

just sent my parents a long ass email hopefully they will see the light and just cop it quick
 
i'm 20 and for a 4,000 loan i still needed my parent's to co-sign. oh i also had perfect credit (just from a credit card i got when i was 16 that i only used when i could pay it off right away). so, good luck. granted, i also went to a credit union instead of a bank. i dunno if that makes any difference.
 
i may b wrong but i read a thread about how your mom sent you to that drug campand shit and promised to buy u a car after wards?
 
theres a lot more to it then that but i dont think about that shit anymore. I moved out and im living on my own
 
i wouldn't personally,

save up for it rather than going in debt, being young you will be hit by an enormous interest rate.

Pretty dangerous to start getting loans from banks at 18
 
I got a 8,000 dollar loan for my car, and my parents co-signed it and I'm 18. I have car payments for 48 months (4 years) but its only 189 a month which is VERY manageable.
 
I believe that if you're under 21 you're required to get someone else to guarantee the loan.
 
Want my honest opinion?

At your age, don't do it. I did the same thing. At 18 with no credit, I went and bought a 6000.00 car with a loan, (paid 15% down and financed the rest), and I regret doing it. I bought a fun car too, with 90k on it.

By the time 3 years was up on the loan it had 140k and was a pile of shit. It was regularily breaking down and I was still paying for it monthly too.

Factor in the increased costs for insurance (since collision will be required), it just isn't worth it overall.

I played the same game you are looking at now, and if I could go back in time, I would've done things differently.
 
Take his opinion. It's not worth it.

Buy a peice of crap to romp on for a few years. Then buy a decent car when you know you can afford it, and it's worth it. You won't regret it in the end.
 
8500? mad doubts man. you will regret this buy in the future i can garuntee it. save yo money and when u have enough buy another one straight up.

if the deal is that good then there will be another one truuuust
 
if you get a car loan you'll have to have full coverage insurance like skierx said. If you're set on getting a loan get a student loan, or an unsecured load to avoid having full coverage insurance.

A lot of people pay cash for vehicles, only poor people who live above their means or trustfunders finance cars.
 
I bought a 9000 dollar car, added in 1200 in rims, 3500 in sound systems, and 1200 in engine mods. It is such a dope car too, but there was no way that I would have done any of that off of a loan. I just worked for a year then bought it. Think about it, if you wreck it or whatever, or don't want it in a few years, your still going to be paying it off, which sucks. oh, by the way, it was a S4... $$MONEY$$
 
I had no problem getting a loan when I was 19 but I had a credit card previously that I was good at paying off, they actually said I could have got a line of credit for almost double what I asked for without a co-signer.
 
You must log in or register to reply here.
Back
Top