Question
Is it possible for an 18 year old to get a $7000 loan?
Alrighty so, i just turned 18 about a month ago. ive had a job for 3 weeks. i make $200 a week, but my first few weeks are training so they're lower, first was $52, second was $75 and my third one was $125. My parents just opened a business and that's where im working. im guaranteed $200 a week after this week. im looking to get a car loan for about $7000. is this possible? Im 18, i have a job, the payments would only be like $180ish and i know i can pay that. im just not sure if im missing anything and also im not sure i how long i have to hold a job for. can you guys help? =]
7 months ago - 4 answers
Best Answer
Chosen by Asker
Yes you can, try this site where you can view offers from different lenders in your area loanquotes ...
by Sandro
7 months ago
Asker's Rating: 
Other Answers
It depends on where you go. I doubt it though without a co signer. I would wait a little longer, say a few months so you have more of the bigger checks coming in. If a bank or credit union sees only $52 for a week they will become worried that amount will been seen again.
by redcurleyz- 7 months ago
You'll have to have a co-signer. I'm 18 and work for my parents also and close 4 of their restaurants for them and when I tried for an auto loan, my dad had to co-sign for me. The only problem is my income is never the same. I work off of a percentage of what each restaurant brings in so that may have hurt me. I make 5% daily of what each location brings in. The loan I applied for was a $27,000 auto loan. $7,000 will be easier to obtain. But you have to look at a major factor that will hurt you- Most banks will have required you to be employed by the same employer for at least 2 years.
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by Thoma- 7 months ago