does anyone know of any lending finance companies who lend 17 year olds who have a full time job (I have an apprentiship) in Australia
2007-01-15 18:15:10 · 4 answers · asked by camcarp2000 2 in Business & Finance ➔ Personal Finance
You will need to have an adult as a co-borrower or guarantor.
With a few minor exceptions, for a person under 18 in Australia, the law says that they are too young to enter into a legal contract. Therefore, any contract signed is not binding.
If a minor gets a loan, then say they don't want to pay, the lender is left with a bad debt and no way to enforce the contract. As a result, financial institutions do not lend to 17 year olds, regardless if they are working or not. Unless, of course, they can link an adult to the loan as co-borrower or guarantor.
If you can't wait till you hit 18, I'd suggest approaching your parents or employer to see if they can assist. Then refinance into your own name when you do reach 18.
2007-01-16 14:02:51 · answer #1 · answered by Quaven 2 · 0⤊ 0⤋
You cannot enter into a legal contract in the US until you're 18 years old. So, any loan from a regulated financial institution (bank, credit union, auto finance company) is out of the question, even with a cosigner. Your only bet is for a parent, older sibling, or other trusted relative to take out a loan for you. Of course, this is a lot of risk for them, because their name is on the loan, and if you fail to make payments, they will be 100% responsible. Even if you were 18, you could not get a regular auto loan for this vehicle. Auto lenders rarely finance vehicles this old, or loans of this size. It is best to avoid "buy here pay here" car lots. The interest rates are ludicrous, and the down payment they require typically covers their ENTIRE investment in the vehicle. They are notorious for predatory tactics.
2016-05-24 21:13:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I got my loan few weeks ago from Ericson Finance Company Plc
If you know you need loan, apply now with Ericson Finance and obtain a good loan without a collateral.
Email:ericsonfinance@outlook.com
Website: www.ericsonfinance.com
2014-11-24 11:45:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You will need a Guarantor over the Age of 18, this is due to contracts law in Australia basically saying that in order to enter into a legally binding contract you must be 18+.
Providing you are in a stable job and employed for a fair amount of time (ie. 12 months) you should not have too many problems.
2007-01-16 21:22:49 · answer #4 · answered by David 1 · 0⤊ 0⤋
Here is an article http://wiz.sc/Loans with some information on loan options and the best plans.
2007-01-16 20:19:03 · answer #5 · answered by mikalob092 1 · 0⤊ 0⤋
Ask a relative. Lower interest than a bank!
2007-01-16 17:14:39 · answer #6 · answered by traderb550 3 · 0⤊ 0⤋
try this site wil help you to get easy personal loans it's help you hope visit
http://www.freewebs.com/***********
2007-01-16 04:25:50 · answer #7 · answered by Anonymous · 0⤊ 0⤋
go to a bank
2007-01-15 22:16:25 · answer #8 · answered by Sonu G 5 · 0⤊ 0⤋