Loan question +K for help

invader98

invader98

Member
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
 
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.
 
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.
 
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.
 
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.
 
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