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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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Wiki User
2005-06-08 18:48:10

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


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