im 17 right now and im about to turn 18 and im planning on getting a loan to buy a car.
2007-03-02 10:10:08 · 3 answers · asked by bluehefner123 1 in Cars & Transportation ➔ Buying & Selling
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets (money) over time, between the lender and the borrower.
The borrower initially receives an amount of money from the lender, which they pay back, usually in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt.
2007-03-02 10:16:42 · answer #1 · answered by blewmoon2 4 · 0⤊ 0⤋
No loan company will deal with you till you are 21 and have a means of support. You can vote in elections and drink alcohol at 18, but lenders do not deal with people who are still minors. If they deal with you at all, you will have to have a credit worthy co-signor, who will bear responsibility for the debt, in case you default. I know this is NOT what you wanted to hear, but this is the way it works in the business world.
2007-03-02 18:17:12 · answer #2 · answered by WC 7 · 0⤊ 2⤋
Your bank or credit union will hold the title to the vehicle until you pay off your loan. You might have to have some other collateral (something of value (i.e. certificates of deposit) that you can give the bank to hold until you have paid the loan.) You will also probably need to have someone to cosign - that means someone who will pay the payments if you don't. Good luck.
2007-03-02 18:15:21 · answer #3 · answered by ra63 6 · 0⤊ 0⤋