how old do u have to be to take out a loan?

Question

i want to buy a car(im 16) and the car i want its almost $5000 so can i take out a loan for a car ? and i dont have a job but i am planning on getting one in the next month! so how will i have to pay back the money, like monthly payments? or will the bank even let me take one out?

Answer 1

to commit to a contract you have to be 18 == if it is a involves land the contract has to be in writing -- wait two years -- meanwhile get the job -- save the money and you will not need a loan!!!

Answer 2

You cannot engage into a legal, binding contract before the age of 18. You would also have to have an income. No one is going to loan you money without the ability to repay. Try buying a car you can afford. Then when you reach 18 get a store credit card and charge small amounts and pay the balance monthly. Then when you have decent employment start making somewhat larger purchases and pay them off over 2-3 months. That demonstrates the ability to repay the debt, monthly, and over a longer term. That establishes you as a credit worthy, fiscally responsible person.

Answer 3

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Yes, you can usually receive new student loans if you still have some from the past, but there are some regulations that can affect your eligibility: 1. You have to be enrolled at least 1/2 time in an eligible program at a school that participates in the Title IV student aid program (most schools do). 2) Your previous loans must be less than the aggregate limits. For a dependent undergraduate the limit is $31,000. For an independent undergraduate the limit is $57,500, and for a grad student the limit is $138,500. 3) Your previous loans cannot be in default. If the loans are in default, you can regain eligibility for more loans by either paying off the balance, completing a loan consolidation, or by making 9 consecutive on-time payments.

Answer 4

In most states, you must by 18 to be legally bound by a contract. would you loan money to anyone that was not legally bound to pay you back? Even at 18, with ZERO work history, I would not be in a rush to loan you money.

Answer 5

I assume 18... a bank would not loan someone 5 grand if they have no job, a low paying job that could be unstable, and your credit score is terrible because you have not owned a credit card....

I HIGHLY doubt a bank would loan you, even if it is legal...

Answer 6

It depends on what state you live in. Usually you have to be old enough to enter into a binding contract which is 21 years. However there are exceptions if you are married and then 18 year olds can enter into binding contracts in some states. The other option is to have a co-signer who is of age to enter into a legally binding contract.

Answer 7

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