Teenage Car Loan?

[JWBryant]

I am 17 and I am trying to get a car and I plan on going to a bank tomorrow to figure some stuff out about a loan, but I had a few questions...

1 Are they going to want a large down payment?

2 Are they going to consider it even though I'm a teen without credit?

3 Is my insurance going to go up alot?

4 Are good grades and nice attire going to help me get approved?

5 What else can I do to get approved?

6 Is the bank going to want to know what vehicle I am getting?

I plan on getting a vehicle for around 5-6k I wanted to see if I could get a loan for 6k because I'm not exactly sure what vehicle I wanted, or that suited my needs best.

It'd be nice to hear anyones thoughts or advice anyone has on the topic!

Thanks

[SilveradoDeath]

there gonna want to know how you plan to pay, what kind of job you have, your credit.

[Trey_Dog650]

I'd be surprised if you got approved. You'll need a co signer for sure. Insurance will go up.

You need to start credit somehow.

You need job history and stability

[Dwn4BassAlan]

I am 17 and I am trying to get a car and I plan on going to a bank tomorrow to figure some stuff out about a loan, but I had a few questions...

1 Are they going to want a large down payment?

2 Are they going to consider it even though I'm a teen without credit?

3 Is my insurance going to go up alot?

4 Are good grades and nice attire going to help me get approved?

5 What else can I do to get approved?

6 Is the bank going to want to know what vehicle I am getting?

I plan on getting a vehicle for around 5-6k I wanted to see if I could get a loan for 6k because I'm not exactly sure what vehicle I wanted, or that suited my needs best.

It'd be nice to hear anyones thoughts or advice anyone has on the topic!

Thanks

Yeah I'm also pretty sure if you're not 18 you need a co-sign? I might be wrong though.

The good grades will help insurance, not sure about the bank though. You're insurance will do price influenced on the cars power though, that's what I've heard.

They might not want a huge down payment, but I'd be more worried about the interest rate and time to pay they might fix you with. It could be ridiculous. When my mom explained compound interest and how a mortgage payment works, I thought she was kidding. I will never buy a house off a huge mortgage unless I need to. I know cars aren't as bad but if your monthly payment is small and your interest is big, it could really drag you down.

[JWBryant]

My mom would co-sign I think she has to, and I have a job and a few pay stubs to show if need be. And I plan on paying the rest of the car off by next year because I'll be 18 and most likely I'll be able to get a job in the oilfield.

[boom50cal]

You can't. I just did this for my F-250 I just bought. What will happen is you will end up being classified as the "co-buyer" with the loan in an adult's with established credit name. Say its your mom. Loan is in her name, but you're listed as the secondary or co-buyer. Its in her name, but you're paying for it. This will show up on your credit report. Just make ABSOLUTELY sure that the title is listed as "Bob Joe or Mary Joe" or the bank will have a shit fit.

[shogen]

best advice I can afford to give is.... get what you can afford to pay off with your current earnings.... going of the basis of what you "could" be making is going to lead you into serious issues possibly.... good luck, I waited til I was 20 to get my first "car loan" and locked in at 5% for "5 years" ... I paid that ish off quick!

My mom would co-sign I think she has to, and I have a job and a few pay stubs to show if need be. And I plan on paying the rest of the car off by next year because I'll be 18 and most likely I'll be able to get a job in the oilfield.

[lolitskasey]

I got my first car loan with zero credit and no co sign, got a 12,000 loan with out question. But I also had a very good paying job straight out of high school. Best thing is to go in and see how much you could get with a co sign and without. Best banks to go to are your local credit unions also.

[Broke_Audio_Addict]

A minor cannot enter into a binding contract you will have to wait till your 18. Even once you are 18 you will still probably have a hard time without a cosigner. So lets say you can wait till your 18 ill answer your questions based of that.

1. It will depend on the credit of your cosigner.

2. Yes they will consider it as long as you have cosigner with decent credit. it woukd still be a loan in your name but the cosigner gives them someone to go after for the money if you cant make the payments.

3.insurance will depend on the type of vehicle but since you will be using said vehicle to get the loan you will have to have full coverage.

4. The good grades will depend on where you get the loan from some banks do these types things others dont.

Should help with your insurance rate though.

5.talk to the bank before you apply and they will be able to help you figure out what will help you get approved.

6. Yes they will want to know what the car is as you will be using it as collateral for the loan. The amount you will be able to borrow will be based off the value of the car.

Also most banks will not give you a loan for a car more than 7 years old or with more than 100,000 miles on it.

Now for a bit of advice if I was you I would just try save as much cash as I could and pay for a car in cash. It is never a good thing to put yourself in debt if you dont have too especially at such a young age.

I also agree with the above post that credit unions are the best place to go.

[Dwn4BassAlan]

just steal a car and drive without insurance it'll be easier

jk, obviously.