Auto Loans and Financing
Personal Finance
Loans
Money Management

Can a 16-year-old who has a successful part-time job and runs two of his own businesses get a car loan and if not why not?

161162163

Top Answer
User Avatar
Wiki User
2015-07-15 21:51:18
2015-07-15 21:51:18

No you can not. You must be at least 18 to enter in to a legally binding contract.

Find out what car dealers don't want you to know at www.dealertricks.com

Why Not?!?!?!

Because in the law's eyes you are still a minor. A minor cannot be held liable for any contracts that they get into, therefore, businesses and most reasonably smart individuals will not get into a contractual matter with anyone under 18, because those are the only contracts that can be broken 'for no reason at all'

How do you own 2 businesses.... (if you are the 16 y-o)

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

I have to be open minded and research about how others became successful in their businesses to get ideas how to start.

User Avatar

They get a small business loan.

User Avatar

Businesses can apply for a commercial mortgage loan online through websites such as RMC Funding and Union Commercial Loan. These websites offer fair loans for companies to use.

User Avatar

While you cannot get a loan for small business directly from the government, you can take out a loan from a bank or other lending institution that is guaranteed by the Small Business Administration (SBA). The main loan program is called the 7(a) Loan Program, and it is designed for existing businesses and start-up businesses.

User Avatar

unsecured loan businesses in cincinnati ohio

User Avatar

Businesses, homes and cars mostly.

User Avatar

Possibly loan cash if they needed it

User Avatar

The rate that a payday loan business would charge is different between the individual businesses. Some have flat fees, whereas other businesses charge interest rates. Check around before accepting a pay day loan as some of the fees can be exorbitant.

User Avatar

Commercial loan interest rates are a common way for small businesses to obtain start-up capital. These rates usually affect the growth rate and mannerisms of businesses.

User Avatar

Businesses that qualify for an SBA loan generally have $50,000 to $5 million in annual revenue, and 1-40 workers. Many businesses are profitable and cash flow positive. All are able to show that they can afford to make our monthly loan payments.

User Avatar

There are many SBA loan options for different types of business owners. All businesses must be for profit.

User Avatar

I think you might be reffering to a loan.

User Avatar

The best way to consolidate your loan for small businesses is to go to your largest lender, and discuss with them the possibilities. Failing that, major banks such as BOA and Citi can help.

User Avatar

Businesses that qualify for an SBA loan generally have $50,000 to $5 million in annual revenue, and 1 to 40 workers.

User Avatar

Consern is a loan businesses can access to help employees pay tuition fees for additional learning.To get a loan you must be a business owner and phone the number detailed on the website.

User Avatar

A business auto loan in the US can be obtained from a bank, credit union or from the automobile dealership from which the car is located. The larger and more successful the business, the more likelihood of the business obtaining the auto loan from a bank or a credit union using the business as an entity instead of the individual requesting the auto loan. Simply select the bank that has more desirable interest rates and loan term and then complete a loan application using the business name. The business will have to set up a bank account using the business name to get the business loan. Again, the business loan can be obtained from any financial institution that offers loans to businesses.

User Avatar

Most banks will offer small businesses a start up loan if the bank believes the person has a sound business plan. Depending on the business there is even a chance that one could get a start up loan from the government.

User Avatar

There are several of these businesses to choose from. You will need proof that you can repay the cash loan or put up some type title to ensure the pay back

User Avatar

The cosigner can ask but I seriously doubt they will be successful. The cosigner knew the risks when they signed the loan application. The cosigner knew, or should have known, the borower's history of successful loan payoffs were questionable at best. The cosigner assumed the responsibility when they signed on.

User Avatar

Someone with bed credit can apply for the loan. For this the person has to clear all his previous dues in the concerned agency, then he may get successful for next loan.

User Avatar

Before becoming eligible for an SBA loan, first you must have been turned down for a conventional loan. Most small businesses that meet this requirement are eligible for SBA loans, although some types of businesses are ineligible. Eligibility generally depends on four factors: 1) the type of business, 2) the size of the business, 3) the use of loan funds, and 4) special circumstances.

User Avatar

Grameen Bank says that it has two types of businesses they loan money to. One type is the regular for-profit conventional type businesses. The other type includes social businesses such as those involved in health care, and companies that are working to improve environmental issues.

User Avatar

The most popular place to receive a business financing loan is from the government. The government can, and often does, offer loans to help fund small businesses.

User Avatar

I've already applied with several savings and loan associations. These three are the latest savings and loan associations to establish businesses in our town this year.

User Avatar

The loans rates offered depend on the type of loan. Bank of America offers many different loans and the rates depend on the person receiving the loan and type of loan is granted. Some loans have higher rates than others.


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.