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Can a soon-to-be-16-year-old get a car loan if he does not have a job?

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βˆ™ 2005-06-08 18:48:10

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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

2005-06-08 18:48:10
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Related Questions

How do i get a car loan if i don't have a job?

Do you need a loan contact


How do you get a car loan without credit or job?

it is very hard to get a car loan unless you show you are bringing in some type of income.. you may have a chance if you have a co signer yeah it's true car loan without credit as well job is very difficult to get, if you have no job then you must need cosigner to get car loan.


Where to get a car loan without a job?

if you are having any other sources of income show that proofs to your lender.it proves that you are able to pay car loan. today there are so many lenders available which provides you car loan..go online and search for car loan lenders giving loans without a job.


If you don't have a job can you get a car loan?

If you can not prove to the loan officer that you have a stable source of income don't count on getting the loan.


How can you get a car loan while on unemployment?

Get job or ask your mamma or dada for loan and you wll pay them back


What do you do if you lose your job while in the process of finalizing a car loan?

With no job you might want to rethink whether you need a new car!


How long do you have to be on your job to get a car loan?

Depends on your credit and down payment


How long do you have to be on your job to qualify for a car loan?

6 months minimum


If you tell an auto dealer that you have a job when you know you are quitting that job can you get in trouble?

If they have already approved your loan, you won't get in trouble. If you have trouble paying your loan because you don't have a job, your car will be repossessed.


Will a car loan affect chances of getting a school loan?

In the US, no it won't. Your credit and job history do not play a part in student loan eligibility.


If you don't have a job and your car gets repossessed do you still have to pay for it when you didn't have a job when you first got the car and no credit was checked?

Read your loan agreement.Yes you will have to pay for balance of the loan after your vehicle is sold or auctioned.Your current or past job status makes no difference to the bank.


Is there a way to get a car loan without a job or co-borrower?

Yes. Deposit the amount of money the car costs in a bank, in a CD, and use it as security for the loan that the bank will give you to buy the car.


Where can I find a new car finance calculator?

You can get a car finance calculator from any car dealership. Also, any loan amortization calculator will be able to do the same job for you. You can get a loan amortization calculator from your bank.


Can a person get a car loan that is under 18 without a full time job?

Probably not


Can you refinance your car loan with no job?

Yes. Your job status not determine if you qualify for refinancing. You being able to make the payments does.


Can you trade in your car without having a job?

Yes Yes, of course. Your employment or financial status will affect your ability to get a loan for another car, but if you've saved money for another car, you won't need a loan.


Where can you get car cash loans?

To get a loan for a car you have to be at least 18 years old. You will need proof that you have a job, and a little bit of a credit history. The loan officer at the bank can tell you more.


Can a financed car be used as collateral for a loan?

Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.


Can you add a previous car loan into a new car loan?

No, it is not possible. Your previous loan must be completed to get a new car loan


What are the requirements to get a car loan?

There are numerous requirements when applying for a car loan. You need to have decent credit rating, a steady job, you need to be the legal age required to drive and a valid drivers license.


How do you qualify for a car loan?

To qualify for an auto loan you will need a job that pays well enough that you can afford the payment and be on the job for a while, usually one year or longer. Additionally you will have to have some decent credit.


Can someone without a job co-sign on a car?

Yes, a person without a job can cosign on a car loan. However, the person must have great credit before they can cosign.


How do you get out of your car loan?

You can get out of your car loan by selling the car you have. You can also return the car to the finance company.


Where can I go to obtain a used car loan?

If you are interested in getting a used car loan, there are many companies who offer this. You can visit your own personal bank or you can go to a loan/banking websites such as Bank of Canada and carloan. You will need to have good credit and job to be approved.


Can you finance a car without a job?

No. BUT, if you can get a "co-signer", someone that will guarantee the loan, (they will pay if you don't) then they usually will.