A loan for a 16 year old?

Question

I’m 16; I have a job and will be able to repay the loan through a payment plan. I was just wondering, using an educated guess and disregarding the additional fees, interest, co-signing, and whatnot in this guess, the amount of money I will be able to be loaned while having to only pay $140 or less a month on a four or six year plan.

It is to get a vehicle, preferably a truck.

Answer 1

It sounds like you are a very responsible young man, and it is good to see that you are already working towards purchasing your own things. There is nothing more satisfying than having worked hard and having something to show for it. Unfortunately as stated, you aren't going to find any banks that are able to provide you the funds you are seeking to obtain your truck. But I am going to make a suggestion. You should consider having one of your parents purchase a nice used truck for you and then making the payments to them. It is almost as if they were the bank that you are paying to. Also, they will have to be strict and you would lose your driving privileges if ever there is a month you were unable to make payments. This is a great learning tool for you and I am sure your parents would be more than happy to help out. Good luck!

Answer 2

You'll be able to borrow an approximate amount of $0.00 as all banks & loan companies state you need to be at least a minimum of 18 (some 21) years of age in order to be able to apply for a loan.

So, unless you get a relative to apply for the loan on your behalf (unlikely), you're stuffed.

Anyway, you'd be better off saving up as much as you can in a high interest savings account as with loan you pay back more than you borrowed.
See also: http://www.fool.com/car/Buyingacar.htm

Answer 3

You can't get a loan. You must be 18 to enter into a legally binding contract. You can't even get a loan with a co-signor until you're of legal age.

Answer 4

You can't legally get a loan because you are not of adult age.