Teen Financing

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Is there any way that teens can find something like a loan? I need about three grand to purchase a car, but my rents have loans out on all 4 of theirs, and dont want to risk taking out a fifth for me.

I have a steady job earning roughly 150 a week while staying in school, any advice other than seek out a loanshark?

posted by  Spade

Yeah, don't do it. Wait and save up the cash.

posted by  Pythias

Ditto...keep saving up...BE PATIENT!!!

posted by  elchango36

Loans generally aren't good, even more so at such a young age. I suggest visiting your trusty loan shark....JK...Really, lol. Saving is the best way to get the money! I would suggest a student loan, but I assume they're primarily for students?

posted by  Cliffy

student loans are for college not cars :(

posted by  Spade

Yeah, but it never really goes on college stuff, lol. Infact, it's for living aswell! :thumbs:

posted by  Cliffy

Ditto. You dont wanna be dealing with loans when you're young. They'll come back and rape you. :2cents:

posted by  StiMan

I don't think you can get a loan on your own legally unless you are 18. This protects the lender. There is a possibility you might find a lender out there who will, but you will probably need collateral.

Seeking out a loanshark is a good way to get into more trouble than you need to for a car. Loansharks are never good news.

posted by  97Talonchik

It's already been said but wait and save your cash. Trust me. I took out a loan for my Lumina (1500 bucks) and couldn't even drive the thing till I was done paying the loan back thanks to gas, payments, insurance, etc etc...Then ofcourse the car threw 2 rods within 2 months...It's just not worth it. Oh, and you do have to be 18 to legally take out a loan on your own. Atleast at my bank...

posted by  Satty101

Student loans are for college expenses. If you so decide that a car is a necessity of your expenses thats your decision. Irregardless, unless you're 18 and in good credit standing(which most 18yr olds aren't) you'll still need your parents to cosign with you.

You have to be 18(or older in some states) to legally enter a binding contract. Its not the loan that you can't have, its the contract they can't legally allow you to sign.

posted by  DSMer

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