This might be a really stupid question, but how hard is it for a high schooler to get a bank loan for a car? Pretty good student, As and Bs w/ a job.
Im making about 400 a month working a part time job, and the car im looking at would cost about 200 a month. (Ive got a Jeep Liberty that my dad used then gave me when I got my liscense recently and Ive already got a 6,000 offer on it. Im buying a 1968 Plymouth Barracuda Converitible at 18500 w/ a down payment of 6,000; Its actually in pretty good shape, Ive test drove it and everything and I love it)
2007-04-25 14:08:01 · 5 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
if you had a chance in hell it would have to be co-signed even then the bank will require full coverage insurance and your intrest rate would be insane
take your 6 grand and build somthing
http://www.jalopyjournal.com/forum/
2007-04-25 14:19:45 · answer #1 · answered by tonuprocker 4 · 0⤊ 0⤋
You have to be 18 since a loan is a legal contract. If you were 18 and selling your existing car and putting the money down on the new purchase will definitely help your chances, but the problem is you want to buy a car that is a specialty car, which the bank will frown on. Only a few people would want it versus a Toyota Corolla which is more in demand. Good Luck!!! I used to have a 72 Dodge Charger SE with 340 with full race CAM. It was a monster.
2007-04-25 22:22:13 · answer #2 · answered by jdog 2 · 0⤊ 0⤋
Keep the jeep. That old car will nickel and dime you to death. I know it sounds cool to have a classic car, but no matter how much money you spend on that car its still an old car that is always going to have problems. Stick with a newer vehicle.
Plus making $400 a month won't get you very far trying to get a car loan without any previous credit.
2007-04-25 23:36:41 · answer #3 · answered by Bill S 6 · 0⤊ 0⤋
If you are not 18, you cannot legally sign a contract. The loan would have to be in your parent's name. It's unlikely even if you were 18, that a loan would be allowed. You don't have any credit built up, have only a part time job, and a co-signer would be needed.
2007-04-25 22:42:45 · answer #4 · answered by fisherwoman 6 · 0⤊ 0⤋
You can't get car loan's no matter how old you are, for vehicles after a certain year. I beleive it's 15 years. Without some type of collateral. You would have to get a personnel loan, possibly from your local bank. You've used hopefully for years, and set up a repore.
2007-04-25 21:30:06 · answer #5 · answered by ? 2 · 0⤊ 1⤋