Can a soon-to-be-16-year-old get a car loan if he does not have a job?
No! You would have to have your parents cosign for you. Having a
fairly good paying job, owning a boat, condo, house, property is
classified as "collateral" and the loan is put against that. The
reason for this is if you choose not to make your car payments or
can't make your car payments then the bank will take whatever
collateral you have put against the loan. The bank is in the
business of lending, but also getting their money back! Marcy