0
What else can I help you with?
Can a minor obtain a loan with a cosigner?
Yes, a minor can obtain a loan with a cosigner, as the cosigner takes on the responsibility of repaying the loan if the minor fails to do so.
Is it possible to get a car loan if you are under 18 years old?
No, it is generally not possible to get a car loan if you are under 18 years old because you are considered a minor and cannot enter into a legally binding contract.
Can a minor obtain a loan with a co-signer?
Yes, a minor can obtain a loan with a co-signer who is legally responsible for the loan if the minor fails to make payments.
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.
Is a car loan considered an installment loan?
Yes, a car loan is considered an installment loan.
Can a minor obtain a loan with a cosigner?
Yes, a minor can obtain a loan with a cosigner, as the cosigner takes on the responsibility of repaying the loan if the minor fails to do so.
Is it possible to get a car loan if you are under 18 years old?
No, it is generally not possible to get a car loan if you are under 18 years old because you are considered a minor and cannot enter into a legally binding contract.
Can a minor obtain a loan with a co-signer?
Yes, a minor can obtain a loan with a co-signer who is legally responsible for the loan if the minor fails to make payments.
Can minors own a car?
The general rule...In general, a minor cannot enter into a contract. They are also not allowed to own property. The parents of the minor will technically own the property. If a parent will agree to Co-Signer the auto loan, then the minor can buy the car. However, the parent who co-signed the car will be the legal owner.
Do you always need to be 18 to get a loan?
A simple one word answer in NO. In law, the contract of a minor is voidable (by the minor) not void. Practicably, lenders do not lend to a minor because it is not enforcable. But if a minor gets a co-borrower or guarantor on a loan, then he/she will have a better chance of acquiring a loan. Another way is to obtain a collateralized loan.
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.
Is a car loan considered an installment loan?
Yes, a car loan is considered an installment loan.
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
Is a car loan secured or unsecured?
A car loan is typically a secured loan, meaning the car itself serves as collateral to secure the loan.
Can you sue loan company for using minor as a cosigner?
A minor cannot enter into a legal contract. Any loan they are a party to is invalid.
How can you calculate your car loan by myself?
(car loan * APR + car loan) / 12/ amount of years. i think
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.
