2007-04-27 00:55:43 · 12 answers · asked by sam 1 in Cars & Transportation ➔ Motorcycles
No, because a loan requires a contract and nobody under the age of 18 can be held liable on a contract.
2007-04-27 02:08:14 · answer #1 · answered by ? 2 · 0⤊ 1⤋
By law a 16 or 17 year old individual is considered a "minor" and they cannot take out a loan. Someone such as a parent or legal guardian will have to cosign for the loan, basically saying that they will be responsible for the loan if the 16 or 17 year old individual does not or cannot repay the loan. Lots of times parents help their children out. What this does especially if the 16 or 17 repays the loan in full and on time, it will help them develop a good credit rating.
2016-05-20 04:05:36 · answer #2 · answered by audra 3 · 0⤊ 0⤋
I would say generally not without a co-signer.
Of course if they inherited a big sum of money that is hanging around in a bank somewhere but they can't touch it till they are 18 or 21....I'd say the bank would probably lend them money on the contingency that their trust fund would be the collateral.
But mostly a 16-17 year old would need a co-signer for a loan.
2007-04-27 01:01:03 · answer #3 · answered by ? 6 · 0⤊ 0⤋
you';ll need a co-signer. My father helped me borrow money to buy a second car when i was 17 even though i had enough cash to pay for it. used a 6 month note then had me borrow a gain after it was paid off and used the money to fix it up. while it would have saved interest costs to have paid cash I'm glad he had me borrow the money as every since the age of 18 I've had awesome credit and never encountered any issues when needing to get a loan for an auto or a home
2007-04-27 03:20:23 · answer #4 · answered by hunting4junk 4 · 0⤊ 0⤋
I dont know the laws in ur country but i hope u do not get teh loan!!! i dont think u need to take a loan to buy a car at this young age!!!
2007-04-27 01:03:51 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Unless you are emancipated, you will not be able to enter into a contract (any loan is a contract of course) without a co-signer.
Depending on the creditworthiness of your co-signer (or yourself if emancipated), you may or may not be able to obtain the loan. If you are steadily employed your chances are good however.
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2007-04-27 02:14:49 · answer #6 · answered by Wyoming Rider 6 · 0⤊ 0⤋
Only with a co signer.... and the 17 yr old has to have a job and have had it for at least a year.
2007-04-27 01:13:36 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You'd need to wait until you're 18 or have a co-signer. If you don't have any established credit you will probably need a co-signer, anyway, or funds with the bank they can secure to lower their lending risk.
2007-04-27 01:05:09 · answer #8 · answered by dlfield 3 · 0⤊ 0⤋
he can get a loan with the right collateral but he can not Legally buy a car...that type of contract you MUST be 18 or older
2007-04-27 03:25:51 · answer #9 · answered by Robert P 6 · 0⤊ 0⤋
No, because you cannot legally sign contracts until your 18. Plus I really doubt that you have any credit so applying for a loan right now would get you absolutely knowhere.
2007-04-27 01:11:03 · answer #10 · answered by Bill S 6 · 0⤊ 1⤋