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5 Responses to “Is it probable to get automobile financial or even a loan during 18?”

1. Man says:

   July 25, 2010 at 3:17 am

   It is possible. I would suggest you to get somebody with a good credit history to co-sign the car finance. The similar strategy will help with other kinds of loan. Financial Institutions or Bank will satisfy their own formalities with this but over a period of time, you will also be able to establish your own credit history. The best options which work out is your own family member, and it even makes it better if one of them is a member of some Federal Credit Union since they are not practically and purely a commercial banks.
2. Rehman says:

   July 25, 2010 at 3:18 am

   yes
3. Smart Piggy says:

   July 25, 2010 at 4:10 am

   Lenders will look at your credit report first. If you dont have a copy of it go to http://sjrates.com and click on the free credit report tab and obtain a copy of your credit report. Hopefully its flawless but if not then you have to work on repairing your credit before you try to borrow money from a bank. The second thing they are going to look at is your job, how much do you make and how long have you been there. It will help if you have been at your job for longer then a year. It will also help if you have a nice size down payment. It also helps if your first request is a reasonable one, say like you need a 5000 loan for a car that is selling for 10000 and your putting in the other five, vs telling the bank you need 25000 to purchase your first car with no down payment, they will laugh at you. The other thing you could do is find a family memeber who will cosign if all else fails. I would also recomend subscribing to Finance 101 so that you keep up to date on tips like this, check it out at http://honestbanker.blogspot.com
4. Figpickles says:

   July 25, 2010 at 4:32 am

   It is possible. At 18 it’s not that you have bad credit, just probably don’t have credit – which isn’t a bad thing per se, the banks just don’t have any information to go off of to approve/deny you.

   It would be easier with a co-signer that has established credit.

   They will need pay information and if you have had a well-established job for a year that is better.

   At 18 if you get a loan, your interest rate may be higher than you want, you also would need to make sure you consider what your car insurance payments will be.

   Sports cars and cars that are 2doors usually cost more than a “family like car”.
5. Richard says:

   July 25, 2010 at 4:50 am

   Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carinsurance.yoll.net